Headline News - 7/31/2010
IFRS: More Opportunities Than Threats
(CFO) - As a result of the ongoing efforts of the Financial Accounting Standards Board and its overseas counterpart, the International Accounting Standards Board, U.S. generally accepted accounting principles and international financial reporting standards will both change profoundly...
Is Your College Student Still a Dependent?
(Journal of Accountancy) - College students combine many sources of funds to pay for their education, including personal savings, family savings, income from jobs, scholarships and/or student loans.
Wyly Brothers Face SEC Fraud Charges .
(Wall Street Journal) - Billionaire brothers Sam Wyly and Charles Wyly hid $550 million in trading profits by using an "elaborate sham system" of offshore entities, the Securities and Exchange Commission charged Thursday.
Senator Demands Probe of BP Tax Break
(CNNMoney.com) -- Two days after BP said it will write off the cost of the oil spill cleanup against its income taxes, a U.S. senator is calling for a Congressional probe into the company's tax plans.
Tax Consequences of the Mother of All Yard Sale Bargains ($200 Million for $45)
(TaxProfBlog) - Rick Norsigian made one of the best yard sale deals ever. Ten years ago, the California painter bought two boxes of photographic plates for $45, after he bargained the owner down from $75. Today, they are worth an estimated $200 million.
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