TaxClinic
Practical Advice
on Current Issues
.
Editor:
Mark Weinberger
Director of National Tax
Ernst & Young LLP
Washington, DC
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
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
Expenses
Auto
manufacturer may not deduct estimated future warranty
costs
Salary
expenses associated with bank acquisition are
deductible
Foreign Income
& Taxpayers
U.K. tax
rules on functional currency significantly
liberalized
Gains &
Losses
Hotel chain
entitled to $22 million in specified loss carrybacks
Procedure &
Administration
IRS guidance
on medical resident FICA refund claims
Special
Industries
SSAP No. 10
affects insurance companies
Unless otherwise indicated,
contributors are members of or associated with Ernst
& Young LLP.
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