Section 475 Financial Statement Safe Harbor Finalized With Some Tweaking; Traders, Foreign Banks Left Out (For Now)
Author: John Ensminger.
Source: Volume 21, Number 01, September/October 2007 , pp.37-42(6)
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Abstract:
Though some unnecessary narrowing has occurred—for example, in withdrawing the benefit of the safe harbor to electing traders—the regime moves towards book-tax conformity. The Service remains flexible to further expansion of the safe harbor, and it is likely that some ideas, such as the use of non-U.S. GAAP for foreign banks, will in time be permitted.Keywords: Section 475(a) safe harbor valuations
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