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This resource includes the latest Federal Tax Updates from 2011.
In United States v. Kirby Lumber Company, the U.S. Supreme Court first established the principal that the benefit to a debtor on partial or complete discharge of a liability is taxable income. Prior case law had held to the contrary. The principal is now codified.
About six in 10 audits are Discriminate Information Function Audits (DIFs) arising from a high score in the Discriminant Index Function, a “secret” format under which all returns are scored. Returns with the highest scores are then screened by a “classifier” to determine the likelihood of inaccuracies, particularly those with significant revenue potential.
From the millions of words in the Internal Revenue Code and Regulations and the body of state tax law have emerged a number of popularly held perceptions not in accordance with law or common practice.
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