For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
IRS and Treasury agree with a commenter's recommendation to clarify what is meant by “clearly electing to capitalize” elections to deduct start-up expenditures, corporation organizational expenditures, and expenses of partnerships, the service says in issuing final rules (T.D. 9542). The rules say a taxpayer that wants to make an election to capitalize start-up and organizational costs must “affirmatively elect to capitalize” the costs on a tax return. The issue raised by the proposed rules (REG-164965-04) was whether a taxpayer that unintentionally does not deduct or amortize start-up and organizational costs could be considered to have “clearly elected to capitalize them.”
Notify me when updates are available (No standing order will be created).
Put me on standing order
Notify me when new releases are available (no standing order will be created)