TaxClinic

Practical Advice
on Current Issues

.

Editor:
Kevin F. Reilly, J.D., CPA
U.S. National Director of Taxation
PKF Mid-Atlantic
Fairfax, VA

Credits Against Tax

Employment-related credits

  

Depreciation

Depreciating post-1986 MACRS property on a change in use

Real estate depreciation recapture

   

Employee Benefits & Pensions

Compensation deduction from NQSO exercise

  

Expenses

Warrants issued to customers

   

Foreign Income & Taxpayers

IRS seeks FC and NRA nonfilers

Tax benefits for U.S. individuals working in Iraq

  

Gains & Losses

The JGTRRAs effect on NOL planning

  

Individuals

Funding mechanisms for medical expenses

   

Interest Income & Expense

Debt issued with warrants

Election not to treat debt as secured by a qualified residence
 

If you would like additional information about these items, contact contact Kevin Reilly at (703) 385-8890 or kfreilly@pkfwash.com.

Unless otherwise indicated, contributors are members of or associated with DFK International.