Making better use of internal auditors in real estate companies

Article Abstract:

A real estate company can easily lessen its audit fees by advising its accountants to perform its external audit duties in consonance with the duties of its internal audit staff. The American Institute of Certified Public Accountants's Auditing Standard Board released the Statement on Auditing Standards No 65 as a guide for CPAs in incorporating the duties of a company's internal audit staff into the CPA audit.

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Inclusion of future development costs in basis: recent developments

Article Abstract:

The IRS released new regulations in Apr 1992 which give real estate developers new guidelines regarding future costs in the basis of property sold. Upon compliance, the new procedure lessens the effect of the economic performance rules on a taxpayer's ability to include future development expenses in the basis of property sold. The new procedure shall take effect for property sales on January 1, 1993.

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Troubled real estate: tax aspects of debt restructurings and foreclosures - part 2

Article Abstract:

Creditors can avail of several alternatives in cases they are enmeshed in troubled real estate debt restructuring situations. Some of the alternatives available are the condonation of a portion of a debt, modification of the debt instrument's terms, institution of a foreclosure sale of the mortgaged property or the acceptance of a voluntary transfer of property in satisfaction of debt.

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