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Code Sec. 165(g): under the microscope

Article Abstract:

Internal Revenue Code section 165(g) allows corporations to take a deduction for worthless stock that previously formed a capital asset. A recent IRS Field Service Advice memorandum, as well as new tax shelter regulations, may indicate that the Service believes that section 165(g) is being abused.

Author: Bennett, Debra J.
Publisher: CCH, Inc.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 2003
Tax Deductions & Exemptions, Securities, Tax deductions, Securities taxes

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Proposed revenue procedure may offer more opportunities for deferral for accrual method taxpayers

Article Abstract:

Usually, the IRS does not allow the reporting of prepaid amounts to be deferred by taxapyers that use the accrual method of tax accounting. A new proposed revenue procedure would clarify the exceptions to this general rule and allow more deferrals.

Author: Kalinka, Susan
Publisher: CCH, Inc.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 2003
Methods, Tax accounting

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Corporate transactions and partnerships: an uneasy mix

Article Abstract:

IRS guidance and provisions of the Internal Revenue Code relating to the effect of partnerships on tax-free corporate reorganziations are reviewed.

Author: Bennett, Debra J.
Publisher: CCH, Inc.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 2003
Partnerships, Tax planning, Partnership, Corporate reorganizations

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Subjects list: Taxation, Laws, regulations and rules, Government regulation, Corporate income taxes, Tax shelters
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