Cash-Basis Taxpayers Can Deduct Reclamation Costs Under Sec. 468

Section 468 allows a current deduction for mining and solid waste reclmation costs even though the expenses may not be incurred for several years–if not decades–in the future. It has traditionally been thought that only accrual-method taxpayers can benefit from Sec. 468. The court recently dispelled this notion in Gregory v. Commissioner, 149 T.C. 2 […]

The post Cash-Basis Taxpayers Can Deduct Reclamation Costs Under Sec. 468 appeared first on Houston Tax Attorneys: Kreig Mitchell.

Read More