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This product clarifies the rapidly changing area of financial institution taxation with a wealth of information on tax laws, regulations, IRS rules, and insight from the top professionals in the field.
Filled with time-saving examples and tax planning ideas, this set includes discussion of:
; A proposed revenue procedure issued on November 28, 2011 that would allow a taxpayer to use a simplified method of accounting to allocate original issue discount on a pool of credit card receivables to an accrual period for purposes of IRC Section 1272(a)(6).
; Temporary and proposed Treasury regulations issued in December 2011 requiring taxpayers to use the coupon bond method for Treasury Inflation Indexed Securities issued after April 7, 2011 with more than a de minimis amount of premium
; Proposed Treasury regulations issued on September 15, 2011 that define which swaps and similar agreements fall within the meaning of IRC Section 1256(b)(2)(B), and revise the definition of a notional principal contract (NPC) under Treasury Regulation Section 1.446-3
; Temporary and proposed Treasury regulations that would allow the non-assigning party to avoid a deemed exchange in certain situations where a derivative contract, including an NPC, is assigned by a dealer in securities or derivatives clearing organization to another dealer in securities or clearinghouse
; Internal Revenue Service field directive LB&I-4-0711-015, which instructs examiners and their managers how to determine when it is appropriate to raise the economic substance doctrine during an examination
; The tax treatment of federal financial assistance under IRC Section 597, the history of IRC Section 597, an overview of the tax rules under IRC Section 597, and some complexities that arise when trying to apply these rules to current FDIC-assisted bank acquisitions
; Specified liability losses
; Reorganizations under IRC Section 368(a)(1)(D) and an updated discussion of accounting methods following reorganizations to include provisions in new regulations.
First published in 1983.
2 Volumes; Loose-leaf, updated semiannually.
Also available on Authority Tax & Estate Planning Law Library CD-ROM and online.
