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Table of Contents
January 2001
Asterisks indicate items in the Tax Clinic department.
 
Accounting Methods & Periods
  * Dispute over Accounting for B Share Commissions
  * IRS Did Not Abuse Discretion in Denying Accounting Method Change for Credit Card Fee Income
     
Consolidated Returns
  * Court Defers Loss Deduction on Redemption of Intercompany Debt
     
Corporations & Shareholders
  * IRS Finalizes COI Regs.
  * Merger Undertaken to Qualify for S Election Qualifies as F Reorganization
    Incorporating a Cash-Basis Business by Transferring Accounts Receivable and Payable to an Accrual-Basis Corporation
 
Employee Benefits & Pensions
  * DOL Investigation Highlights Risks and Rewards of Employers' Recouping Benefit Plan Costs
  * IRS Ruling Enhances Participation in Secs. 403(b) and 457(b) Plans
     
Estates, Trusts & Gifts
  * Final Regs. on GRAT/GRUT Qualified Interest Determinations
    Top 10 Estate Planning Strategies (Part I), by Evelyn M. Capassakis
    CRT Investment Diversification and Risk-Taking Strategies, by Jennifer L. Hall, James R. Hamill and Craig G. White
    Income Tax Issues for Estates (Part I), by David Keene
    Validly Formed FLP Was Recognized for Estate Tax Purposes
     
Expenses
    Standard Mileage Rates
  * Auto Manufacturer May Not Deduct Estimated Future Warranty Costs
  * Salary Expenses Associated with Bank Acquisition Are Deductible
     
Foreign Income & Taxpayers
    FSC Repeal
  * U.K. Tax Rules on Functional Currency Significantly Liberalized
     
Gains & Losses
  * Hotel Chain Entitled to $22 Million in Specified Loss Carryback
     
Personal Financial Planning
    College Savings Vehicles
     
Practice & Procedures
    Disclosure Statement Filed with Return
    Update on Innocent Spouse Relief
    Update on New IRS Resolution Programs
    Rulings that State Taxes Are Nondischargeable in a Bankruptcy Proceeding Have Broad Ramifications
     
Procedure & Administration
    Corporate Tax Shelters
    Undeliverable Refunds
  * IRS Guidance on Medical Resident FICA Refund Claims
     
S Corporations
    QSub Election
    S Corporation Holding Company Had to Recapture Pro Rata Share of LIFO Reserves
    Suspended PALs from C Years Could Be Deducted in S Election Year
    S Shareholder's Personal Guarantee Did Not Allow for Increased Basis
     
Special Industries
  * SSAP No. 10 Affects Insurance Companies
     
Reader Survey

 

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2001 AICPA