Friday, June 1, 2012

VA Decoupling Modifications

VA reminds taxpayers that it’s tax calculations differ from federal in the areas of: the special bonus depreciation allowance, the five-year carryback period for certain net operating losses, the federal domestic production activities deduction, the provisions of IRC §32(b)(3) that relate to the federal earned income tax credit, and the deferral of income from the cancellation of debt.

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