Tax News & Views - November 21, 2013
Vol. 14, No. 48
Tax Policy Group, Deloitte Tax LLP
- Baucus proposes significant changes to cost recovery, tax accounting rules – Senate Finance Committee Chairman Max Baucus on November 21 released a staff-level tax reform discussion draft that proposes significant changes to the cost recovery and tax accounting rules including, among other things, repealing current-law depreciation rules, eliminating the like-kind exchange rules and the last-in, first-out method of accounting, as well as requiring taxpayers to amortize half their advertising expenses.
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