69-587 and Eastman Kodak, provide a framework for determining whether the taxpayer, in the instant case, can deduct the employment taxes related to the
accrued vacation and bonus pay if it establishes certain elements.
Taxpayers who pay interest under an obligation as guarantor may be entitled to an interest deduction if interest
accrued after they became primarily liable for the debt.
Unless separate sub-accounts are used to capture the
accrued expense versus the payments and other adjustments to an
accrued liability account, the only way to compute the expense versus the payments would be to review every transaction (journal entry) that was made to the
accrued liability accounts.
Section 461(h) adds a new dimension to the deductibility of
accrued liabilities, and it underscores the superfluity of section 461(d).
Use of
Accrued Paid Leave--Eligible employees |select one: will; will not~ be required to use
accrued paid leave before unpaid leave is taken.
163(1), no deduction is allowed for interest paid or
accrued on a disqualified debt instrument, which is any debt of a corporation payable in the issuer's or a related-party's equity.
The IRS took the position that deductions for interest on secured creditors' claims was proper, provided that a taxpayer takes a deduction in the year it actually
accrued the interest.
Post-death distributions from nonqualified deferred compensation plans are generally treated as taxable wages but, like post-death payments of
accrued current compensation, are not subject to income tax withholding.
106, amounts to be paid under individual deferred compensation contracts must be fully
accrued by the full eligibility date.
On his 1993 and 1994 returns, G claimed a deduction for
accrued interest relating to the note and a net operating loss carryover.
