The U.S. Congress will soon consider whether to extend the tax cuts enacted in the 2017 Tax Cuts & Jobs Act that are set to expire at the end of 2025. One of those expiring tax cuts grants a ...
7867 / How are intangible drilling and development costs treated for purposes of federal income tax?
Intangible drilling and development costs (IDCs) are capital in nature; however, the IRC and regulations provide alternatives for treatment of such costs. The individual or entity that holds the ...
During the past two years I have received a number of emails regarding the Business Activity Tax. This tax was put in place as a token $25 tax because of a ruling by the state court system. The court ...
On May 2, 2023, the Department of the Treasury and Internal Revenue Service (“IRS”) issued proposed Treasury Regulations (REG-124064-19) that would, in certain cases, terminate the application of ...
The Tax Court addressed the proper treatment of an accounting firm’s distributions of “client-based” intangible assets, the capital accounting rules of Regs. Sec. 1.704-1(b)(2)(iv), and the tests for ...
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