Searching Content indexed under Contracts and Commercial Law by Grant Thornton LLP ordered by Published Date Descending.
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Taxpayer Ineligible To Use The Completed Contract Method, Court Rules
In Basic Engineering v. Commissioner, T.C Memo 2017-26 (Feb. 1, 2017), the Tax Court ruled that an engineering company was ineligible to use the completed contract method and was liable for an accuracy-related penalty.
United States
21 Apr 2017
Texas Letter Ruling Denies Capital Asset Or Investment Treatment For Goodwill And Government Permits And Licensing
On July 22, 2016, the Texas Comptroller of Public Accounts issued a letter ruling addressing the proper apportionment of gross receipts from the sale of substantially all of the assets of a company located in Texas to an entity incorporated in Delaware.
United States
20 Oct 2016
Court Holds Deposit From Terminated Sale Contract Isn't Capital Gain
The Tax Court has held in CRI-Leslie, LLC v. Commissioner (147 T.C. No. 8) that a partnership recognized ordinary income from its gain from a terminated sale contract.
United States
12 Oct 2016
IRS Determines Treatment Of Advance Payments Before And After Stock Acquisition
The IRS determined what a taxpayer must do if it has deferred recognizing revenue into income under Rev. Proc. 2004-34 and its stock is subsequently acquired by an unrelated corporation...
United States
24 May 2016
Fifth Circuit Upholds Tax Court: Land Developer Contracts Are Not Home Construction Contracts
The taxpayer in the case sold property to commercial builders or individual buyers who would then construct homes on the property.
United States
14 Nov 2015
IRS Releases Safe Harbor Procedures For Economic Performance On Ratable Service Contracts
Taxpayers wishing to change their method to conform to the new safe harbor may do so under the automatic method change procedures.
United States
19 Aug 2015
Nevada Enacts Rebuttable Presumption Of Sales And Use Tax Nexus
On May 27, Nevada Governor Brian Sandoval signed legislation which includes clickthrough nexus and affiliate nexus provisions for purposes of the state's sales and use tax.
United States
16 Jun 2015
Fifth Circuit Confirms Principle Of Partner Reimbursement Of Partnership Expenses
An appeals court recently affirmed the Tax Court’s ruling that a partner may not deduct the expenses of the partnership in his or her individual return.
United States
15 May 2014
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