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: National Eminent Domain BlogHow do oil spills affect taxes?
By Alan Ackerman
The attached IRS release explains how the IRS will deal with the payments created by the oil spill. In a like fashion, a property owner facing eminent domain should look at how payments will affect the recording of the receipts. Some areas of reimbursement allow for the monies to be deferred while other payments are to be treated as income.
WASHINGTON -- The Internal Revenue Service today provided issued guidelines for individuals and businesses affected by the oil spill in the Gulf of Mexico.
A special Gulf Coast Assistance Day will be held July 17. with forums in Mobile, Ala.; Panama City and Pensacola in Florida; New Orleans, Houma and Baton Rouge in Louisiana; and Gulfport, Miss.
Full post as published by National Eminent Domain Blog on July 13, 2010 (boomark / email).
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