(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
*To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®. *
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.
Related Documents: