N-2018-30: Modification of Notice 2003-65
Internal Revenue Service (IRS) sent this bulletin at 05/08/2018 03:26 PM EDT
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Issue Number: N-2018-30Inside This IssueNotice 2018-30 modifies the 338 and 1374 approaches as set forth in Notice 2003-65, 2003-2 C.B. 747 for determining recognized built-in gains or losses under section 382(h). Under the proposed notice, the hypothetical cost recovery deductions that would have been allowable had an election under section 338 been made or had the asset been purchased at fair market value are determined without regard to the additional first year depreciation deduction in section 168(k). It will appear in IRB 2018-21 dated May 21, 2018. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |