Tax Tips – Get on the fast track

Description

Abstract: This issue’s “Tax Tips” notes that the IRS has expanded its Fast Track Settlement (FTS) program to small businesses and self-employed individuals. Also, in a Revenue Ruling, the agency has applied the “rescission doctrine” in ruling that a seller need not recognize taxable gain if the transaction is rescinded during the same tax year as the original sale and the parties are returned to their original positions. Meanwhile, the Tax Court has addressed the issue of who claims the manufacturers’ deduction if a business contracts with third parties to perform qualified production activities.