Tax Court Denies Oil Co.'s Midyear Accounting Change

Law360, New York (November 20, 2013, 8:13 PM EST) -- The U.S. Tax Court on Wednesday denied Alaskan oil giant Veco Corp.'s claims for more than $5 million in accelerated depreciation deductions, saying the company had failed to prove that liabilities under contracts giving rise to the deductions had occurred during the taxable year in question.

Judge L. Paige Marvel said Veco was not entitled to claim deductions for multiyear licensing and personal service agreements on its 2005 tax return under the all-events test after changing its accounting method for such contracts, because liabilities under the contracts...
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