2019-08-26 Watching Paint Dry Doesn't Count

Current Federal Tax Developments for the week of August 26, 2019: Watching Paint Dry Doesn’t Count

• Taxpayer found both to have chosen the accrual method and to be required to use it as well
• §451 proposed regulations exit OIRA review
• Taxpayers records found to overstate hours by 150 hours, not qualified as a real estate professional
• IRS issues formal memo changing position on ability to claim foreign tax credit on certain French taxes

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