TaxClinic

Practical Advice
on Current Issues

Editor:
Mary Van Leuven, J.D., LL.M.
Senior Manager
Washington National Tax
KPMG LLP
Washington, DC

IN THIS DEPARTMENT

Accounting Methods & Periods

IRS clarifies direct labor costs cannot be MSC

UNICAP errors, omissions and opportunities: TAM 200607021

Consolidated Returns

Taxpayer successful in establishing no successor

Excise Taxes

Are taxpayers properly paying the Federal foreign insurance excise tax?

Foreign Income & Taxpayers

Interplay between the Sec. 199 manufacturing deduction and the Sec. 965 repatriation provision

Gains & Losses

Variable prepaid forwards: are stock loans possible in light of TAM 200604033?

Individuals

IRS tightens vehicle donation rules

Procedure & Administration

How much authority do revenue rulings have?

If you would like additional information about these items, contact Ms. Van Leuven at mvanleuven@kpmg.com.

Unless otherwise indicated, contributors are members of or associated with KPMG LLP. The views and opinions are those of the authors and do not necessarily represent the views and opinions of KPMG LLP. The information contained herein is general in nature and based on authorities that are subject to change. Applicability to specific situations is to be determined through consultation with your tax adviser.

2006 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved.