INTERNAL REVENUE SERVICE ISSUES PROPOSED RULE: APPLICATION OF SECTION 250(B)(3)(A)(I)(VII) TO SALES OR OTHER DISPOSITIONS OF PROPERTY

WASHINGTON, Aug. 20 -- Internal Revenue Service has issued a proposed rule called: Application of Section 250(b)(3)(A)(i)(VII) to Sales or Other Dispositions of Property.

The proposed rule was published in the Federal Register on Aug. 20 by Frank J. Bisignano, Chief Executive Officer.

Summary: This document contains proposed regulations under section 250 of the Internal Revenue Code (Code) that provide guidance on certain income of a domestic corporation that is excluded in the determination of deduction eligible income. This category of income consists of income and gain from the sale or other disposition of intangible property and any other property of a type that is subject to depreciation, amortization, or depletion. The proposed regu...