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Eversheds Sutherland (US) LLP

A wolf in sheep’s clothing? IRS provides long-awaited capitalization guidance for natural gas companies

Eversheds Sutherland (US) LLP on

In recently issued Rev. Proc. 2023-15, the IRS provides a safe harbor method of accounting under which taxpayers may classify costs to repair, maintain, replace, or improve natural gas transmission and distribution property...more

Skadden, Arps, Slate, Meagher & Flom LLP

IPO Costs Are Nondeductible Even When a Corporation Later Goes Private

Skadden, Arps, Slate, Meagher & Flom LLP on

A corporation may not deduct previously capitalized costs that facilitated an initial public offering (IPO) even when it later ceases to be a publicly traded company, according to an internal memorandum by the Internal...more

Eversheds Sutherland (US) LLP

IRS and Treasury issue final regulations on negative adjustments under UNICAP

Eversheds Sutherland (US) LLP on

On November 19, 2018, the Internal Revenue Service (IRS) and the Treasury Department (Treasury) issued final regulations (T.D. 9843) that address taxpayers’ use of negative amounts in calculating additional costs for purposes...more

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