TaxClinic

Practical Advice
on Current Issues

Editor:
Annette B. Smith, CPA
Washington National Tax Services
PricewaterhouseCoopers LLP
Washington, DC

IN THIS DEPARTMENT

Accounting Methods & Periods

Is a change in characterization an accounting-method change?

Consolidated Returns

Professional corporations: to be or not to be a member of a consolidated group

Corporations & Shareholders

Applying the rescission doctrine

Foreign Income & Taxpayers

Hybrid financing structures

Increased compliance burden under new Sec. 987 prop. regs.

Out of the ordinary: capital gain/loss from the sale of a foreign currency-denominated debt instrument

Gains & Losses

Rulings relax related-party exchange rules

Gross Income

Sec. 199 final regs. affect online software and advertising

Procedure & Administration

Allocating advance payments between tax and interest

Special Industries

Evolution of commodity-linked investments by mutual funds

Unless otherwise noted, contributors are members of or associated with PricewaterhouseCoopers, LLP.

If you would like additional information about these items, contact Ms. Smith at (202) 414–1048 or annette.smith@us.pwc.com.