PriceWaterhouseCoopers offers the second installment of its The American Jobs Creation Act of 2004 Webcast Series on Tax Shelters, the New Manufacturing Deduction, and Other Significant Tax Changes for Domestic Businesses today at 2:00 – 4:00 pm EST:

The first part of the webcast will be devoted to an overview of the impact of the new “tax shelter” penalty legislation. Next, a panel of Treasury officials and PwC professionals will analyze the new manufacturing deduction and some of the practical complexities that companies may face as they attempt to realize the benefit and reduce the risk of IRS disputes. In particular, the panel will examine the definition of manufacturing; the computation of the deduction, including the allocation of income and expenses between manufacturing and non-manufacturing activities; and the application to manufacturing activities performed by related and unrelated parties.