Rip Good Times A Different Perspective
Rip Good Times A Different Perspective
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IRS Issues Final and Temporary Regulations Relating To Elections To Deduct Start-Up Expense
The IRS has issued final and temporary regulations relating to elections to deduct start-up expenditures under Section 195 of the Internal Revenue Code (the "IRC"), organizational expenditures of corporations under Section 248 of the IRC, and organizational expenses of partnerships under Section 709 of the IRC.
"For start-up expenditures as defined in section 195(c)(1) paid or incurred after September 8, 2008, the temporary regulations under section 195 provide that a taxpayer is deemed to make an election under section 195(b) to deduct start-up expenditures for the taxable year in which the active trade or business to which the expenditures relate begins. Therefore, under the temporary regulations a taxpayer is no longer required to attach a statement to the return or specifically identify the deducted amount as start-up expenditures for the election under section 195(b) to be effective."
