IRS obsoletes 1958 revenue ruling on research and experimental costs

IRS obsoletes 1958 revenue ruling on research and experimental costs

The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.
Source: Tax News
Read More here – IRS obsoletes 1958 revenue ruling on research and experimental costs