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July 26, 2000 10:36 AM, EDT

USFreightways Corp. will begin its appeal in August of a tax case that could cause substantial changes for finance officers and accountants in trucking and the business world beyond. It is being joined by American Trucking Associations in the matter.

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The Chicago-based less-than-truckload carrier lost its tax case to the Internal Revenue Service in November. In June one of the company’s vice presidents said USF would challenge the ruling in the Seventh U.S. Circuit Court of Appeals sitting in Chicago.

The dispute centers on the treatment of assets such as business licenses and insurance policies that last one year or less, and how such assets should be considered on tax returns – depending upon whether a company uses cash or accrual accounting methods.

Although most people consider such discussions tedious in the extreme, USF is worried enough about the effects of a loss in the matter that it is willing to pursue it to the federal appeals court for Illinois, Indiana and Wisconsin.

For the full story, see the July 24 print edition of Transport Topics. .