- The Financial Accounting Standards Board (FASB) issued its long awaited Accounting Standard Update on accounting for Leases. This marks the completion of one of the last convergence projects the FASB took up with the International Accounting Standards Board (IASB).
- Baker Tilly helps mid-sized manufacturer to better understand their customer journey and aims to achieve significant growth in return.
- Fargo v. Commissioner illustrates the principal lesson that all facts and evidence presented are considered in the evaluation of whether or not a taxpayer holds real estate in the ordinary course of business.
- When a taxpayer sells an asset, generally, a gain is recognized to the extent the proceeds from the sale exceed the taxpayer’s basis in the asset. While in some circumstances this is an easy rule to implement, determining the proper basis of the asset sold is often difficult. The ruling in David C. Costello, et ux. v. Commissioner clarified the process.
- Corporations considering spin-offs to form REITs and operating REITs should be familiar with important developments resulting from the recently passed tax extenders legislation.
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