In recent weeks, Treasury and the IRS have released critical guidance in two notices that may potentially affect an array of taxpayers. Recent Section 174 guidance addresses the identification, allocation, and treatment of expenditures for specified research or experimental (SRE) and software development activities, contract research arrangements, dispositions, revisions to regulations on Section 460 long-term contracts and Section 482 cost sharing arrangements, as well as a number of other issues. In addition, new corporate alternative minimum tax (CAMT) guidance supplements interim guidance issued earlier this year with rules that clarify application of the CAMT to corporations (and groups of corporations), CAMT foreign tax credits, computation of adjusted financial statement income (AFSI) and related adjustments, financial statement net operating losses, and other areas.