Washington (Aug. 2, 2004) —Tax issues confronting the banking and heavy equipment distributor industries have been selected for the Internal Revenue Service’s Industry Issue Resolution Program, which reviews complex business tax issues to provide consistency and clarity for affected taxpayers.
The banking industry issue involves how lending institutions should determine interest income on “non-performing” loans. There are different book and tax accounting standards for when a loan becomes “non-performing” for purposes of determining interest accruals.
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