The Congressional Joint Committee on Taxation staff's investigative report of Enron Corporation and other information revealed that taxpayers were engaging in various tax motivated transactions to duplicate a single economic loss and, subsequently, were deducting
such a loss more than once.
The department had been deducting
60 percent to pay for three filling fees on which the inmate owed money; the appeals court held that the twenty-percent-of-income payments provided for under the Prison Litigation Reform Act (PLRA) must be calculated "per case" rather than "per prisoner.
In fact, following the enactment of the Small Business Job Protection Act, the Tax Court has issued a new opinion in Fort Howard, ruling that the statutory amendment does not preclude the taxpayer in Fort Howard from deducting
and amortizing its financing costs and fees over the term of the loan.
But if you get to deduct three-quarters of your lease payment, you're actually deducting
three-quarters of the interest as well.
Equity is the residual interest in the assets of an entity that remains after deducting
As an alternative to currently deducting
eligible timber-related expenditures, materially participating woodland owners may capitalize them if they so choose in years during which no income is produced from the property.
Of the additional shares offered, 300,000 shares were sold by ICT GROUP for total net proceeds of $6,822,000 after deducting
underwriting discounts and commissions, and the remaining 172,500 shares were sold by certain selling stockholders.
In such cases, if a taxpayer itemizes for state tax purposes and can claim the sales tax deduction, he or she may be better off deducting
sales tax on the Federal return, even though the deduction results in no Federal tax savings.
For 2004 and 2005, instead of deducting
state and local income taxes, taxpayers would be able to choose to deduct state and local sales taxes by either (1) accumulating receipts or (2) using IRS sales tax tables and adding actual sales taxes paid for major items, such as vehicles.
However, section 163 (h)(1) bars individuals from deducting
You can get more information on deducting
your home office expenses by reading IRS publication No.
Thus, where an expenditure relates to the production of current income notwithstanding some incidental ensuing future benefit), the proper period for deducting
an expenditure is the current period.