About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


1 Frank L. Brunetti, Fundamentals of Federal Tax Accounting [i] (2008)

handle is hein.tera/fundmex0001 and id is 1 raw text is: Fundamentals Of Federal Tax Accounting Frank L. Brunetti Because tax accounting issues often arise in virtually every type of practice, a handy desk reference is a necessity. Frank Brunetti's many years of tax practice and teaching experience enable him to explain complicated tax accounting concepts in a clear and understandable way. This book is an invaluable resource for understanding and solving many tax accounting issues that arise in the practice of law. Unlike many tax topics, which are set forth in the Internal Revenue Code and Treasury Regulations, many issues involving tax accounting are described in IRS public and private rulings and judicial decisions. This book puts these authorities at your fingertips and explains their rules. Topics such as constructive receipt, the tax benefit rule, selection of an accounting method, annual accounting period, the Section 444 election, the one-year rule for period costs, income deferral for accrual method taxpayers, change in accounting method, Section 263A, installment sales, and other important concepts are explored in depth. The author tackles general questions concerning the circumstances that trigger the need for a change of accounting and the consequences of failure to apply for such a change. He also answers these specific questions in Federal Tax Accounting for Lawyers: What constitutes a clear reflection of income? See Chapter Eight. How does aclaim of rightaffect recognition of income? See Chapter Two. Will a modification of a promissory note cause an acceleration of recognition? See Chapter Ten. Can all taxpayers whose gross receipts are below $1 million use the cash method? See Chapter Eight. How does the Arrowsmith Doctrine affect the annual account rule? See Chapter Two. How does a cash method taxpayer account for supplies? See Chapter Eight. In 1986 Congress enacted section 263A; Chapter Nine walks you through the section 263A rules and helps you decide whether to use an actual method or a simplified method. Do you know the choices a taxpayer has in determining what tax year to use? Do you know how to establish abusiness purpose? Which tax years can be selected automatically and which only with permission? See Chapter Three.