Podcasts Other Ed Zollars' Tax Update Podcast It Has to Be Something! Tax Court Penalizes Taxpayer for Sloppy Records

It Has to Be Something! Tax Court Penalizes Taxpayer for Sloppy Records

Published: July 20, 2007, 11:18 p.m.

b'We once again revisit the Cohan rule, but this time in the context of a much larger taxpayer than we normally look at, in the case of Tyson Foods, Inc and Subsidiaries vs. Commissioner, TC Memo 2007-188.\\xa0 The taxpayer\'s was attempting to argue, based on Cohan rationalization, that they should be able to depreciate a $2,000,000+ debit remaining on their books after making an agreed upon adjustment under IRS exam.\\xa0 The IRS (and eventually the Tax Court) did not agree that such a treatment should be allowed.

The materials for the case are at http://www.edzollars.com/2007-07-21.pdf .

The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com .
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