IRS allows some hazwaste cleanups to be deductible

Manufacturers can deduct as business expenses cleanup costs for contaminated soil and groundwater, according to a recent Internal Revenue Service (IRS) ruling. Although the principles in the rule appear to be broad enough to apply to several other hazardous waste removal activities, so far the IRS h...

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Bibliographic Details
Published in:World wastes 1995-04, Vol.38 (4), p.20
Main Author: Conjura, Carol
Format: Magazinearticle
Language:English
Subjects:
Contamination
Depreciable assets
Environmental cleanup
Environmental restoration
Expenditures
Groundwater
Hazardous materials
Hazardous wastes
Laws, regulations and rules
Liability
Rev. Rul. 94-38
Revenue procedures & rulings
Tax deductions
Taxpayers
Waste management
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Description
Summary:Manufacturers can deduct as business expenses cleanup costs for contaminated soil and groundwater, according to a recent Internal Revenue Service (IRS) ruling. Although the principles in the rule appear to be broad enough to apply to several other hazardous waste removal activities, so far the IRS has taken a narrow interpretation. Details are provided.
ISSN:1064-8429