News & Analysis as of

Income Taxes › Inventory

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Holland & Knight LLP

Proposed Rule Modifies Timing of "Hot Asset" Reporting

Holland & Knight LLP on

Generally, gain or loss on the sale or exchange of a partnership interest is treated as capital gain or loss except to the extent of so-called "hot assets." Gain attributable to hot assets – generally unrealized receivables...more

Jones Day

Navigating Tariffs and Income Taxes and Transfer Pricing

Jones Day on

In this new trade landscape, it is more important than ever to coordinate customs and operational planning with income taxes and transfer pricing....more

Miller Canfield

Pending Legislation Would Recover Tax Paid by New Car Dealers

Miller Canfield on

Key Takeaways - ..New motor vehicle dealers should consider including a tax-saving contingency in their cash plans for pending federal income tax legislation affecting inventory accounting. ..If enacted, dealers using...more

Miles & Stockbridge P.C.

Debt Secured by Inventory Real Property is Not QRPBI

Miles & Stockbridge P.C. on

In the recently released Revenue Ruling 2016-15, the IRS determined that discharge of debt income generated by the forgiveness of debt secured by real property constituted excludable qualified real property business...more

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