IRS Reaffirms and Clarifies Its Position on Nonaccrual Loan Interest.

Autor:	O'Connell Jr., Frank J., Sanders, Jennifer M., Vandenberg, Nathan J.
Předmět:	LOANS FINANCIAL statements INCOME tax ACCOUNTING methods ACCOUNTS receivable
Zdroj:	Tax Adviser; Sep2007, Vol. 38 Issue 9, p509-512, 4p
Abstrakt:	The article reports on the issuance by the U.S. Internal Revenue Service (IRS) of Revised Rule 2007-32 and Revised Proc 2007-33 to reaffirm and clarify its position on accrued but uncollected loan interest. A ruling states that the rules established for regulatory financial statement purposes are not controlling for federal income tax purposes. It also addresses how the bad-debt-conformity method of accounting affects the recognition of uncollected interest. Another issue raised is the treatment of payments made for nonaccrual loan receivable.
Databáze:	Complementary Index
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