|
Today's Top Tax Article  |
|
FASB Launches GAAP ‘Codification’ With New Online Reference System
|
|
|
FASB officially launches its new online sole source of authoritative GAAP. Almost five years in the making, the product of what FASB calls the “codification” of GAAP is aimed at easing the use of myriad accounting standards and other guidance by way of a topical structure with cross-reference capabilities. Users of the codified reference system are able to drill down into the rules, subtopic by subtopic, section by section. Updates to the codification will be made as FASB crafts changes in accounting policies. New, but not yet effective, authoritative guidance will be labeled “pending content.”
This article was originally printed in today's BNA Daily
Tax Report.
Recent developments >>
Featured Analysis |
The Exclusion of Gain on the Sale of a Principal Residence, The
New Restriction for Nonqualified Use
By Theodore D. Peyser,
Esq.
Roberts & Holland LLP, Washington, DC and New York, NY
|
|
|
The §121 exclusion for up to $250,000 ($500,000 if married
filing a joint return) of gain on the sale of a principal residence is
now restricted on account of any nonqualified use of the dwelling.
This restriction was one of the revenue offsets in the Housing and
Economic Recovery Act of 2008, P. L. 110-289, and is contained in
§121(b)(4).
Full Text>>
|
