3) The taxpayer adopts the recurring
item exception by consistently treating the item (which must be recurring
in nature) as incurred in the years the all events test is met; and
Response #2: In the 15-day disclosure period, we disclose the current cycle effect of all recurring
Party of Five (Fox) Recurring
gay characters Violin teacher Ross (Mitchell Anderson) and nanny Victor (Wilson Cruz) Regular character who has "experimented" Julia Salinger (Neve Campbell) shared a smooch with a literary mentor (Olivia d'Abo).
Remember the recurring
need to renew facilities does not result in a liability.
Results from a recent 2CO merchant survey discovered a significant interest in support for recurring
billing through the industry's most popular shopping cart solutions," said 2Checkout CEO Tom Dailey.
More important, the recurring
nature of periodic expenses, coupled with the incidental nature of the future benefit, compels the conclusion that income is more clearly reflected by permitting a current deduction.
Presumably the incremental expenses are, in fact, recurring
in nature, thus satisfying the third part.
At the same time, the decision should not be distended into a precedent without moorings that calls into question the deductibility of routine and recurring
-item exception permits taxpayers to deduct liabilities in the tax year the all-events test is satisfied if (1) economic performance with respect to the liability occurs before the earlier of the date the taxpayer files a timely return for the tax year or 8 1/2 months after the close of such tax year, (2) the item is recurring
in nature and (3) the item is not a material item or the accrual of such item in the tax year in which the all-events test is met results in a better matching of the liability with the income to which it relates than would result from accruing the liability for the tax year in which economic performance occurs.
Second, section 461(h) was prompted not by general concern over the tax treatment of myriad routine, recurring
business transactions under the accrual method of accounting, but rather by congressional concern over the treatment of special expense items such as mine reclamation and nuclear decommissioning expenses, workers compensation claims, and tort liabilities.
2 Provides Many New Features Such as Advanced Workflow, Support for Recurring
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If a taxpayer is eligible to use the recurring
item method under Sec.