B and S

B and S

n
informal Austral a dance held for young people in country areas, usually in a field or barn
[abbreviation for bachelor and spinster]
References in periodicals archive ?
Example 1: B and S are members of a consolidated group.
The proposed regulations will also alter the allocation of the domestic- and foreign-source income between B and S in a fashion that has (perhaps unintended) collateral effects on unrelated parties.
The new note issued by B is not an intercompany obligation and has $50 ($200 stated redemption price at maturity -- $150 issue price) of OID that will be taken into account by B and S under Secs.
The timing of the reporting of S's intercompany item is determined each year by computing the difference between the amount of B's corresponding item that is taken into account and the amount B would have taken into account (the recomputed corresponding item) if B and S were divisions of a single corporation.
34) Thus, to the extent the group's gain does not exceed the aggregate depreciation claimed by both B and S, recapture under section 1245 is required.
Under the matching rule, as B claims recovery deductions through the partnership in excess of the amount it would have claimed if B and S were divisions of a single corporation, S will take into account a portion of its intercompany gain.
If B's ownership of the lots at the time of sale would control in considering B and S as divisions of a single corporation, the entire $100 gain (including S's deferred gain) would be ordinary income.
The aggregation rule in the proposed regulations is more akin to single-entity treatment, since the holding period would not start anew if B and S were divisions of the same corporation.