The Tax Court rules on asbestos abatement
Article Abstract:
The Tax Court provided the taxpayer and the IRS with little insight in finding in Norwest Corp. v. Commissioner that both asbestos removal expenses and remodeling expenses had to be capitalized because they were part of a single remodeling effort. The taxpayer argued that the asbestos removal project was separate from the remodeling and should have resulted in a current deduction. The IRS argued that the asbestos removal increased the value of the property. The Tax Court did not rule on most of the points raised on both sides and has provided little guidance.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Banks court restricts Schleier
Article Abstract:
The US Court of Appeals for the Ninth Circuit ruled in Banks v. United States that payments received for settling a duty of fair representation and wrongful discharge suit are excluded from income tax under IRC section 104(a)(2). The Court ruled that the US Supreme Court's decision in Commissioner v. Schleier was limited to Age Discrimination in Employment Act claims because that statute provided limited remedies. The breach of duty of fair representation settlement was not for lost wages, so it was a personal injury award eligible for exclusion.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
An update on the treatment of damages
Article Abstract:
The Small Business Job Protection Act of 1996 includes provisions that codify that punitive damages are not excludible from income, unless they are awarded in wrongful death suits in which punitive damages are the only allowable remedies. These changes to IRC section 104(a) also limit excludability to physical injuries and diseases, making libel and privacy awards taxable. Emotional distress awards will only be excludible if linked to a physical injury or limited to medical expenses actually incurred.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: The high Pep costs of saving tax. Investors the victims of changing charges. Shifting fee structures
- Abstracts: Short cuts through cyberspace. Avoid the scams in investment cyberspace. Roll up for the mystery tour: it's not just for train spotters on their night in. The Internet - the so-called information superhighway, which links 30m computers worldwide - is a serious business proposition, as many UK companies arediscovering
- Abstracts: How to complain, and make it stick. A guide through the complaints maze. How to make your complaint count
- Abstracts: Rural Wales facing major challenges. Urban areas cashing in on spare time. Wales: economy is strong and still expanding
- Abstracts: Diversification, integration and emerging market closed-end funds. part 2 Third market broker-dealers: cost competitors or cream skimmers?