Veterinary Medicine - Chapter 4, Supporting Law/ Industry Organizations & Web Sites |
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Publication Date - April, 2005
NOTE: This guide is current through the publication date. Since changes may have occurred after the publication date that would affect the accuracy of this document, no guarantees are made concerning the technical accuracy after the publication date.
Table of Contents
Tax Code, Regulations and Official Guidance Search
Chapter 4, Supporting Law/ Industry Organizations & Web Sites
Introduction
This chapter is designed to provide the examiner with the ability to make use of the guide by referencing a particular code section in lieu of a topic as well as providing a list of industry web sites. Relevant code sections, treasury regulations, revenue rulings, revenue procedures, and court decisions cited within the guide are outlined below.
In addition, selected industry organizations and their web sites, as well as links to other items referenced in the guide, are provided.
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Exhibit 4-1 - Cited Code Sections
Code Section
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Chapter Topic
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IRC § 11(b)
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Section 1374 Built-in gains
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IRC § 11(b)(1)&(2)
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35% corporate tax rate
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IRC § 11(b)(2)
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Personal Service Corporation (PSC)
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IRC § 39
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Tax on Built-in gains—IRC 1374
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IRC § 162
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Customer/Medical records
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IRC § 163(d)
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Self-charged interest
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IRC § 197
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Customer records
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IRC § 263 & 263A
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Handling Changes of Accounting Methods
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IRC § 269A(a)&(a)(1)
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Reallocation of income
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IRC § 274(a)(3)
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Entertainment, Travel, and Meals Club memberships
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IRC § 274(d)
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Entertainment, Travel, and Meals
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IRC § 274(n)
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Entertainment, Travel & Meals-50% limitation
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IRC § 280A(c)(1)(A)
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Automobile Expense
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IRC § 280H
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IRC §444 Election
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IRC § 311(b)
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Bargain Purchase
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IRC § 441
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PSC
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IRC § 441(i)(1)&(2)
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Calendar year is required & PSC
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IRC § 444
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How to request a change of tax year
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IRC § 444
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Conversion of a PSC to an LLC
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IRC § 446
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Relief from the Accrual Method
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IRC § 446
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Purchase of Veterinary supplies
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IRC § 446
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Lease versus purchase
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IRC § 448
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Selection of proper Accounting Methods
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IRC § 448(a)(2)&(3)
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Ownership test
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IRC § 448(d)(2)
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QPSC
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IRC § 448(d)(2)(A)
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Function test
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IRC § 448(d)(2)(B) & (4)(C)
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Ownership Test
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IRC § 451 & § 461
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Handling Changes of Accounting Method
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IRC § 461(a) & (h)
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Accrual Method
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IRC § 469(a)(2)(C)
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Passive income recharacterization (Personal Service Corp)
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IRC § 469(c)(2) & (4)
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Self-rented Equipment
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IRC § 469(c)(2) & (4)
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Relief from the Accrual Method
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Code Section
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Chapter Topic
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IRC § 469(e)(2)
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Passive losses are limited
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IRC § 471
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Cash Method
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IRC § 471
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Relief from the Accrual Method
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IRC § 481(a)
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Compare purchases with gross receipts
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IRC § 531
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Accumulated Earnings Tax
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IRC § 535(c)(2)(B)
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Accumulated Earnings Tax
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IRC §1366(f)(2)
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Whipsaw issue
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IRC § 1374
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Whipsaw issue
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IRC § 1402(a)(1)
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Self-rented equipment
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IRC § 7872
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Potential Imputed Interest
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Exhibit 4-2 - Cited Regulations
Regulation
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Chapter Topic
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Treas. Reg. § 1.162-3
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Relief from the Accrual Method
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Treas. Reg. § 1.162-3
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Analyze Purchases
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Treas. Reg. § 1.263(a)-4
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Conversion of a PSC to an LLC
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Treas. Reg. § 1.301-1(j)
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Bargain Purchases
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Treas. Reg. § 442-1(b)
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Obtaining Automatic Approval
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Treas. Reg. § 1.446-1(c)(1)(iv)
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Accounting Methods
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Temp. Treas. Reg. § 1.448-1T(e)(4) & (5)
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Qualified Personal Service Corp.
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Temp. Treas. Reg. § 1.448-1T(e)(4)
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Function Test
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Temp. Treas. Reg. § 1.448-1T(e)(5) & (5)(vi)
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Ownership Test
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Temp. Treas. Reg. § 1.448-1T(f)(1) & (2)
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Method of Accounting
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Treas. Reg. §1.469-2(f)(6)
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Inspect the Veterinarians Form 1040
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Treas. Reg. §1.469-2(f)(6)
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Self-rented real estate & equipment
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Treas. Reg. § 1.469-7(a)(1)(i) &(c)
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Self-charged interest
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Exhibit 4-3 - Cited Revenue Rulings and Revenue Procedures
Revenue Rulings and Revenue Procedures
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Chapter Topic
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Rev. Proc. 2001-10
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Relief from the Accrual Method exception
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Rev. Proc. 2002-18
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Handling Changes of Accounting Methods
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Rev. Proc. 2002-28
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Relief from the Accrual Method exception
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Rev. Proc. 2002-38
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Obtaining Automatic Approval
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Rev. Proc. 2002-38
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IRC § 444 Election
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Rev. Proc. 2003-79
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Change in Tax Year
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Rev. Rul. 91-30
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Personal Service Corporation
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Rev. Rul. 99-7
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Automobile Expenses
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Rev. Rul. 55-540
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Lease versus purchase
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Exhibit 4-4 - Cited Court Cases
Court Case
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Chapter Topic
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INDOPCO, Inc. v. Commissioner, 503 U.S. 79 (1992)
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Ordinary expenses
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Lockhart Leasing Co. v. U.S., 446 F.2d 269 (10th Cir. 1971)
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Lease versus purchases
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Mid-Del Therapeutic Center, Inc. v. Commissioner, T.C. Memo. 2000-130
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Analyze Purchases
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Osteopathic Medical Oncology and Hematology, P.C. v. Commissioner, 113 T.C. 376 (1999)
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Analyze Purchases
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Stevenson v. Commissioner, T.C. Memo. 1989-357
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Self-Rented Equipment
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Veterinary Surgical Consultants, P.C. v. Commissioner, 117 T.C. 141 (2001)
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S Corporation Issue-Inadequate compensation
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Wilkinson-Beane, Inc. v. Commissioner, 420 F.2d 352 (1st Cir. 1970)
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Is Merchandise an Element in the Taxpayer’s Business and Is It Income-Producing?
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Wilkinson-Beane, Inc. v. Commissioner, T.C. Memo. 1969-70
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Handling Changes of Accounting Method
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Exhibit 4-6 - Other Reference Web Links
Web Links
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Chapter Topic
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IRM 4.10.3.6 , IRM 4.10.3.8
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Balance Sheet Techniques
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IRM 4.10.3.10, IRM 4.10.3.11
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Expense Issues
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IRM 4.10.3.5.6
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Techniques- Reconciling books & records to tax return
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Form 3115 & Instructions
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Handling Changes of Accounting Methods
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Form 8582
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Self-Rented Real Estate
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Form 8716
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Making the Election
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Publication 535
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Customer/Medical Records
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Publication 538
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IRC § 444 Election
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Rate the Small Business and Self-Employed Web Site
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Page Last Reviewed or Updated: May 05, 2009