Final regulations require that a taxpayer's nonaccrual-experience method must be self-tested against the taxpayer's experience to determine whether the nonaccrual-experience method clearly reflects the taxpayer's experience. The information required to be retained by taxpayers will constitute sufficient documentation for purposes of substantiating a deduction. The information will be used by the agency on audit to determine the taxpayer's entitlement to a deduction. The respondents include taxpayers who engage in certain transactions involving the acquisition of a trade or business or an ownership interest in a legal entity.
The latest form for Guidance Regarding Deduction and Capitalization of Expenditures expires 2023-02-28 and can be found here.
Document Name |
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Supporting Statement A |
Approved without change |
Extension without change of a currently approved collection | 2019-12-27 | |
Approved without change |
Extension without change of a currently approved collection | 2016-09-30 | |
Approved without change |
Extension without change of a currently approved collection | 2013-07-30 | |
Approved without change |
Extension without change of a currently approved collection | 2010-05-18 | |
Approved without change |
Extension without change of a currently approved collection | 2007-04-11 | |
Approved without change |
Extension without change of a currently approved collection | 2004-03-08 | |
Approved without change |
New collection (Request for a new OMB Control Number) | 2003-12-12 |