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New CCH Book Guides Practitioners through Sec. 199 Deduction
(RIVERWOODS, ILL., May 22, 2006) – CCH, a Wolters Kluwer business and a leading provider of tax and accounting information, software and services has published a Practical Guide to the Sec. 199 Deduction by James M. Kehl, CPA. This new book is filled with vital how-to information on the new deduction on income from domestic production activities under the American Jobs Creation Act of 2004, the most lucrative business tax incentive offered by Congress through the tax code in many years (422 pages, $95) CCHGroup.com.
“Code Section 199 is an ‘accountant’s Code Section’ because of the rigorous accounting that is necessary to comply with its requirements,” notes author Kehl. “Calculating the 199 deduction can be complex because the rules that control the values or amounts used in the calculation are complex.”
The provisions of Section 199 have a wide reach, affecting developers, producers, growers of agricultural products, businesses that extract minerals, contractors, engineers, architects and installers, as well as manufacturers. The Practical Guide to the Sec. 199 Deduction describes the ins and outs of the tax benefits, who qualifies and how to qualify. It explores what considerations have to be made, how to calculate the deduction, special planning opportunities that may be available and pitfalls to avoid. Kehl explains the fundamentals of the section; the wage limitation on the deduction; domestic production gross receipts and how they are allocated; costs of goods sold and allocating costs; expanded affiliated groups; partnerships and S corporations; trusts and estates; cooperatives; and certain tax-deferred transactions. Throughout, the Guide offers straightforward and practical explanations with extensive examples to illustrate the concepts and help the reader grasp the complexities.
About the Author
James M. Kehl, CPA, is a partner in the accounting firm of Meehan & Roby in Timonium, Md. Kehl received a bachelor’s degree in accounting from Loyola College of Baltimore and received a master’s degree in Taxation from the University of Baltimore. He has more than 33 years of public accounting experience with a concentration on taxation. He has taught courses in taxation for numerous professional societies and private firms. He has also authored several tax articles, including recent articles on the new Sec. 199manufacturing deduction in CCH's TAXES: The Tax Magazine and the Journal of Passthrough Entities. He has been the instructor for several interactive seminars sponsored by CCH on Code Sec. 199 and has also published an article concerning allocating costs under Code Sec. 199 in the Daily Tax Report.
Availability and Pricing
For more information or to order the 422-page Practical Guide to the Sec. 199 Deduction, call CCH at 800-248-3248 or visit the CCH Online Store: onlinestore.cch.com. Single copy price is $95; quantity discounts are available.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research Network™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading multinational publisher and information services company. The Company’s core markets are health, corporate services, financial services, tax, accounting, legal, regulation, and education. Wolters Kluwer has annual revenues (2005) of €3.4 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, see www.wolterskluwer.com.
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