|
Today's Top Tax Article  |
|
Senate Passes Farm Bill With Enough Votes to Assure Veto Override
|
|
|
The Senate passes the nearly $300 billion, five-year farm bill (H.R. 2419) conference report by a vote of 81-15, making it likely that Congress will be able to override President Bush's promised veto. The bill contains $1.7 billion in tax incentives for agriculture, conservation, and renewable energy projects, including provisions that would change the treatment of the net operating loss carryback for some businesses receiving farm subsidies and reduce the ethanol tax credit from 51 cents per gallon to 45 cents per gallon. The House passed the bill a day earlier by a vote of 318-106.
This article was originally printed in today's BNA Daily
Tax Report.
Recent developments >>
Featured Analysis |
Early Application of Proposed §987 Regulations May Be Blessed
by the IRS--But Is It a Good Idea?
by James J. Tobin, Esq.
Ernst & Young LLP, New York, NY
|
|
|
Reliance on specific provisions of proposed Treasury regulations
can, at times, be perilous, unless, of course, the IRS says you can.
Sometimes, the IRS will sanction reliance on proposed regulations
pending their finalization or indicate that the government won't
challenge positions based on proposed regulations prior to the
issuance of final rules.
Full Text>>
|
