TaxClinic

Practical Advice
on Current Issues

Editor:
David Madden, J.D., LL.M.
Principal
Washington National Tax Service
KPMG LLP
Washington, DC

IN THIS DEPARTMENT

Accounting Methods & Periods

Rev. Proc. 2005-9 extends automatic accounting-method changes relating to intangibles capitalization

Service scrutinizes inventory

Agriculture

IRS approves novel structure for cooperative of foreign members

Employee Benefits & Pensions

ESOP stock redemption payment was a deductible dividend

Expenses

FedEx flies high: sixth circuit affirms deductibility of repairs

Foreign Income & Taxpayers

Partnerships, PFICs and QEFs

Gains & Losses

Post-AJCA straddle rules

Gross Income

Notice 2005-14 offers sec. 199 guidance

If you would like additional information about these items, contact Mr. Madden at (202) 533-3056 or dmadden@kpmg.com.

Unless otherwise indicated, contributors are members of or associated with KPMG LLP.