Special Industries

Capital Construction Funds Program

The Capital Construction Funds program encourages construction, reconstruction, or acquisition of vessels by allowing owners or operators to defer federal income taxes under Sec. 7518 on certain money or other property placed into a CCF.

IRS Allows Oil and Gas Company a Bulk Sale Exception

A recent IRS letter ruling provides helpful insights to independent producers of oil and gas that, by claiming allowable percentage depletion deductions, can lower their costs, while at the same time securing contracts for bulk sales of oil and gas with industrial, commercial, and government entities.

Capital Construction Funds: Sec. 7518

This item reviews the Capital Construction Fund (CCF) program, which allows owners and operators of U.S. flag vessels to accumulate the large amounts of capital by deferring federal income taxes on certain deposits of money or other property placed into the fund.

Newsletter Articles

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.