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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