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National Tax Update - May 2016


 

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Corporate Tax
 
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Accounting Periods and Methods
 
State and Local Tax
 
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Not-for-Profit Tax
 

MAY 2016

A company's approach to tax planning is critical in helping it meet financial and operational objectives. CohnReznick's National Tax Update newsletter is designed to provide timely information to help you stay abreast of changing tax regulations and incentives on the local, federal, and international level.
 
We hope you find this useful in helping you adopt a comprehensive and proactive tax strategy.
 
ACCOUNTING METHODS

IRS Disallows Loss on Disposition of Building Structural Components
In a partially redacted field attorney advice memo (FAA 20154601F), the IRS concluded that a taxpayer was not entitled to the full amount of losses related to dispositions taken under the prior-Prop. Treas. Reg. §1.168(i)-8. The IRS determined that the taxpayer incorrectly applied the proposed section 168 regulations and the taxpayer’s records did not fully substantiate the estimated loss.

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Solar Generation Facility is Not “Public Utility Property” According to the IRS
In Private Letter Ruling 201544018, the IRS determined that a solar generation facility is not “public utility property” within the meaning of the operative statutory provisions and regulations thereof.

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CORPORATE TAX

Deferring Gain on the Receipt of Boot in a Reorganization
Taxpayers involved in a reorganization under IRC §368 (other than “B” reorganizations) often receive a mix of consideration consisting of stock in the acquisition company and cash boot (or other non-stock consideration). If the taxpayer realizes gain in the transaction, and receives boot as part of the overall consideration, the taxpayer is generally required to recognize gain to the extent of the boot received.

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INTERNATIONAL TAX

IRS Issues Guidance on Inbound Intercompany Loans
The IRS has issued a new International Practice Unit (“IPU”) that focuses on the interest rate charged on loans made by a foreign parent to its US subsidiary.  The IPU discusses the factors that the IRS will consider in determining whether the interest rate is appropriate under the arm’s length standard of section 482.

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