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Lessors on the lookout with new lease accounting standards

By Rick Daubenspeck, Managing Director – Tangible Assets – Valuation & Business Analytics, BDO USA, LLP Early in 2016, the Financial Accounting Standards Board (“FASB”) issued a Finance Accounting Standard Update (“Topic 842”), ushering changes to how leases will...

Court upholds taxpayer win in Grecian magnesite case

On June 11, 2019, the D.C. Circuit Court of Appeals affirmed the Tax Court’s decision in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Comm’r, 149 T.C. No. 3 (2017), which held that gain recognized by a Greek corporation on the redemption of its U.S....