TaxClinic
Practical Advice
on Current Issues
.
Editor:
David
Madden, J.D., LL.M.
Principal
Washington National Tax Service
KPMG LLP
Washington, DC
If you would like
additional information about these articles, contact Mr.
Madden at (202) 533-3056 or dmadden@kpmg.com .
Accounting
Methods & Periods
Amending
returns after reinstatement of installment method for
accrual-basis taxpayers
Prop. regs.
on mid-contract change in taxpayer under long-term
contract method
Rev. Proc.
simplifies LIFO method for used-vehicle dealers
Corporations
& Shareholders
Acquisition
of holding company assets by less-than-80%-owned
subsidiary should satisfy COBE requirement
Final Sec.
338 regs. on solely-for-voting-stock requirement
Credits Against
Tax
Courts reject
IRS's "one-claim" rule for Sec. 34 fuel tax
credits
Estates, Trusts
& Gifts
Application
of two-percent floor on itemized deductions to trusts
and estates
Expenses
Deductibility
of towboat periodic maintenance costs
Environmental
remediation expenditures are capitalizable to
contaminated property
Foreign Income
& Taxpayers
Foreign
national tax planning to avoid PFIC trap
Gains &
Losses
Community
Renewal Tax Relief Act's incentives for
investors—form over substance?
LLCs & LLPs
LLC member
not limited partner for Sec. 469 purposes
Partners &
Partnerships
Interplay of
SOLs raised in TEFRA case
Special
Industries
IRS acquiesces
in cooperative decision
State &
Local Taxes
California
insurance company DRD provision ruled
unconstitutional
Tennessee
court rules that AOL does not have nexus in the state
Voluntary
registration or voluntary waiver of constitutional
protection?
Unless otherwise indicated,
contributors are members of or associated with KPMG LLP.
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