The IRS is expanding its rules for what business repairs qualify as tax deductible, everything from laptops to aircraft engines.
The difference between a deductible repair and a non-deductible improvement to "tangible property" has historically been a point of frequent dispute between the IRS and companies. In more than 220 pages, the IRS has now finalized rules effective Jan. 1, 2014, making more costs deductible, including for instance, new laptop computers worth less than $5,000.
Stocks closed out the week with a bang, with the S&P 500 finishing above 1,600 and the Dow briefly topping 15,000 for the first time, as Wall Street cheered a better-than-expected April nonfarm payrolls report.
*S&P says India still faces risk of rating downgrade. *India FY13 car sales growth f'cast slashed to 1-3 pct. S&P said the recent reform steps initiated by the government had helped in "slightly" revising its view on the country's credit rating, but warned India still faced a one-in-three chance of a credit rating downgrade within the next 24 months.
falls 0.64 percent, while the 50- share NSE index is down 0.68 percent, as profit-taking hits private lenders, including ICICI Bank. falls 1.1 percent after gaining 1.14 percent on Tuesday, while HDFC Bank. *Blue chip capital goods stocks also hit by profit-taking: Larsen& Toubro.
What follows is a roundup of corporate earnings reports for Friday, Oct. 29.
Revenue from solar, wind power, ethanol and biodiesel fuel grew 50 percent to about $116 billion last year, according to Clean Edge, a research and publishing firm. The spike in green revenue, and the backing of the federal government to explore these energy sources has excited investors.