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Accounting for Income Taxes — Quarterly Hot Topics: December 2016

Published on: Jan 09, 2017

The latest issue of Accounting for Income Taxes: Quarterly Hot Topics discusses several important developments and ASC 740 implications. Topics covered in this edition:

Accounting developments

  • FASB simplifies accounting for the tax consequences of intra-entity asset transfers.

Tax law developments

  • Tax law developments: Overview, uncertain tax positions, classified balance sheet, and intra-period allocation of tax expense.
  • International: New Section 987 Regulations.
  • International: Final and Proposed Subpart F Regulations Addressing Section 956 and the Active Rents and Royalties Exception.
  • International: Temporary and Proposed Regulations address covered asset acquisitions under Section 901(m).
  • International: Final section 367(a)/(d) regulations retroactively prevent tax-free outbound transfers of foreign goodwill and going concern value.
  • International: Triangular reorganizations involving foreign corporations and inbound nonrecognition transactions.
  • U.S. Federal: Final and temporary regulations under Sections 385.
  • U.S. Federal: Treasury and IRS publish final, temporary, and proposed regulations modifying the rules of disguised sales and allocation of partnership liabilities.
  • U.S. Multistate: California, Mississippi, New York, and Texas.


Related Topics

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