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Cooperative Accountants

Guest Post: CFC Comments on Accounting Standards

This post comes from CFC Solutions Newsletter, Vol. 15, No. 25, July 1, 2013.

CFC recently filed comments with the Financial Accounting Standards Board (FASB) and Private Company Council (PCC) in response to an invitation to comment on private company financial accounting and reporting standards. CFC’s comments support the continued use of ASC 980 Regulated Operations—formerly Statement of Financial Accounting Standards No. 71.Read More »Guest Post: CFC Comments on Accounting Standards

AHC Cooperative Tax Brief: Telephone Cooperative’s Sale of Subsidiary

In the latest cooperative tax ruling, the Service ruled that a cooperative’s (“Cooperative”) gain on sale of stock in corporations that offered services to Cooperative’s members was patronage-sourced.  The ruling was important to Cooperative because it expected to fail the Member Income Test of Section 501(c)(12), subjecting Cooperative to regular corporate income tax.  The favorable ruling allowed Cooperative to avoid substantial taxes in the gain.

Read More »AHC Cooperative Tax Brief: Telephone Cooperative’s Sale of Subsidiary