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Table of Contents
April
2006

Note: In accordance with IRS Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers before the Internal Revenue Service, the information on this website is not intended or written to be used as, and cannot be used as or considered to be a “covered opinion” or other written tax advice, and should not be relied on for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matter(s) addressed herein, for IRS audit, tax dispute or other purposes.

Asterisks indicate items in the Tax Clinic department.
 

Accounting Methods & Periods

  * Inventory Trends: The “Wal-Mart” Effect
   

Rolling Average Cost Inventory Method

 

Corporations & Shareholders

  *

Times Mirror—A Reflection of the Past

  *

UNICAP Controversy

     
Employee Benefits & Pension
  *

Sec. 409A and Stock Options: A Cause for Concern?

     
Estates, Trusts & Gifts
    Stock Transfers to FLP and FLP Interest Transfers to Donor’s Children Are Indirect Gifts
    Revised Schedule K-1 for Form 1041 for Trusts and Estates
     

Expenses

  *

Energy-Efficient Commercial Building Deduction

     

Foreign Income & Taxpayers

*

Availability of the Foreign Earned Income Exclusion, FTCs and Combat Pay Exclusion for U.S. Government Contractors

  * Check-the-Box: Not Always the Right Answer for Certain Foreign Corporations
  * ETI and IC-DISC Export Tax Benefits for Government Contractors
  * Planning for the Currency Gap in Dispositions of Foreign Subsidiaries
   

Seventh Circuit Upholds Regulation on Interest Paid to Related Foreign Persons

     

Gains & Losses

  *

Navigating the AMT System

  * Now Is the Time to Consider Expanded LKE Opportunities
   

Sale of Lottery Payments Produces Ordinary Income

     
Individuals
   

Energy Tax Benefits for Individuals

    Treatment of Community Income for Spouses Living Apart (Part II) by Allan Karnes, Scott Salmon and Darla Karnes
     
Partners & Partnerships
   

Disregarded Entities

     
Personal Financial Planning
    Fiduciary Responsibility and Opportunity
     
Practice & Procedures
    Changes to the Interest Suspension Rules Contained in the GO Zone Act
    LMSB Realigns Key Management Personnel for Greater Efficiency
   

GO Zone Act Provisions for Hurricane Victims 

     
Procedure & Administration
    Can Your Tax Client (or You) Go to Jail? (Part I) by Arlene M. Hibschweiler
     
S Corporations
    Liquidating a Controlled C Corporation Subsidiary
     
Special Industries
  * Depository Holding Companies Benefit from Technical Corrections Act
     
State & Local Taxes
    Current Corporate Income Tax Developments (Part II) by Karen J. Boucher and Shona Ponda
 
Reader Survey

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2006 AICPA