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	Table of Contents January 2005

*() Asterisks indicate items in the Tax Clinic department.**

Accounting Methods & Periods
	*	Bonus Depreciation Extension for Certain Aircraft (Excluding the Transportation Industry)
	*	Class Lives for Utility Grading Costs
	*	15-Year Recovery Period for Certain Qualified Leasehold Improvements
	*	15-Year Recovery Period for Certain Restaurant Property
	*	Income-Forecast Method Modifications for Film Industry
	*	Increased Sec. 179 Expense Limits Extended Two Years
	*	Organization Costs and Start-Up Costs Amortized Over 15 Years
	*	Professional Sports Franchises Amortizable under Sec. 197
	*	Seven-Year Recovery Period for Motorsports Racetrack Complexes

Corporations & Shareholders
	*	Affirmation of Consolidated Return Regulation Authority
	*	Estimated Taxes for Sec. 338(h)(10) Transactions
	*	Modified Treatment of Transfers to Creditors in Certain Divisive Reorgs.
	*	Nonqualified Preferred Stock
	*	Sec. 357(c) Inapplicable to Acquisitive D Reorgs.
		Significant Recent Developments by Mark A. Schneider, John Nemeth and Yidan Chui
		Avoiding Ordinary Income on the Sale or Exchange of Depreciable Property to a Corporation

Estates, Trusts & Gifts
		Income and Estate Tax Planning for Special Needs Trusts by Paul G. Savoth

Foreign Income & Taxpayers
	*	ETI Exclusion Repeal: Transition Relief

Gross Income
		Structured Settlements and Nonqualified Assignments by Robert W. Wood

Individuals
		Adequate Notice of Innocent Spouse Rights

Legislation
		AJCA

LLCs & LLPs
		LLC and LLP Issues for Small, Privately Owned Businesses

Partners & Partnerships
	*	Consistent Amortization of Periods for Intangibles
	*	Disallowance of Certain Partnership Loss Transfers
	*	Net Income from PTPs Treated as Qualifying RIC Income
	*	No Basis Reduction under Sec. 734 in Stock Held by Partnership in Corporate Partner
	*	Recognition of COD Income Realized on Satisfaction of Debt with Partnership Interest

Personal Financial Planning
		A Primer on LTC Insurance

Practice & Procedures
		IRS and AICPA Collaborate on OIC Program
		New IRS InitiativeCompliance Assurance Process (Real-Time Audit)

Procedure & Administration
	*	Disclosure of Reportable Transactions: Tax Shelter Registration
	*	Modification of Actions to Enjoin Certain Conduct Related to Tax Shelters and Reportable Transactions
	*	Modifications of Substantial Understatement Penalty for Nonreportable Transactions
	*	Modified Accuracy-Related Penalty for Listed Transactions and Other Reportable Transactions
	*	Modified Penalty for Failing to Maintain Investor Lists
	*	Penalties on Tax Shelter Promoters
	*	Penalty for Failing to Disclose Reportable Transactions
	*	Penalty for Failing to Report Interests in Foreign Financial Accounts
	*	Regulation of Individuals Practicing Before Treasury
	*	SOL for Unreported Listed Transactions
	*	Tax Shelter Exception to Confidentiality Privileges Relating to Taxpayer Communications
		Reimbursement of Parking Expenses

S Corporations
		S Status Survives Bankruptcy

Reader Survey