In a memorandum for Large Business and International (LB&I) division employees, the United States (US) Internal Revenue Service (IRS) withdrew various LB&I directives, including some related to transaction costs.Examination of transaction costs in the acquisition of businessesThe IRS withdrew a directive on the "Examination of Transaction Costs in the Acquisition of Businesses," which was published on 20 May 2005. The IRS determined the directive was obsolete because it did not apply to costs incurred on or after 31 December 2003. This directive instructed examiners to look to examination results of transaction costs before 31 December 2003 (yielding a capitalization range of 50%...