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This quarter's Accounting Methods Spotlight discusses important IRS guidance and other developments and features:

  • Treasury releases Biden Administration budget proposals (Green Book)
  • Regulations on federally declared disasters finalized
  • Revenue procedures provide guidance on recovery period for certain residential rental property
  • Safe harbor issued for certain taxpayers that did not deduct expenses related to PPP loans
  • IRS provides individual estimated tax relief
  • Contribution to fund creates amortizable intangible
  • IRS concludes negative Section 481(a) adjustment increases Section 163(j) ATI
  • Technical advice memoranda address various accounting method issues
  • Generic drug company may deduct legal fees for defending patent infringement suit
  • Section 1341 relief not available when taxpayer has no right to income
  • Rent payments exceeding fair market rent not deductible
  • Taxpayer files Tax Court petition to review benefits and burdens of ownership under Section 199
  • Tax Court disallows tax benefits for solar equipment investment
  • LB&I revises construction industry guide
  • FTS/STS Insights published in Q2 2021