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JS-1153
Today the Treasury Department and the IRS issued two revenue rulings to clarify the tax treatment of hazardous waste clean-up costs.
The first, Revenue Ruling 2004-17, clarifies that the money taxpayers spend in a current taxable year to clean up environmental contamination that occurred in previous years does not qualify for a special rate adjustment.
The second, Revenue Ruling 2004-18, clarifies that the money taxpayers spend for hazardous waste clean up costs may have to be capitalized into inventory costs.
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