U.S. IRS Publishes Updated International Practice Units on Interest Capitalization, Accounting for Land Developers and Subcontractors, and Individual's Tax Home

The U.S. IRS has released the following international practice units, which have been updated, including in relation to changes introduced by the Tax Cuts and Jobs Act:

• Interest Capitalization for Self-Constructed Assets, which discusses interest capitalization requirements under IRC 263A(f) and covers the steps involved in determining how much interest must be capitalized to the basis of designated property;
• Land Developers and Subcontractors - Proper Method of Accounting, which discusses…