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The U.S. Supreme Court held that the taxpayer was allowed to deduct the legal fees from his gross income because they meet the requirements of §162(a), [11] which allows the taxpayer to deduct all the "ordinary and necessary expenses paid or incurred during the taxable year in carrying on a trade or business."
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
[1] [2] In Higgins, the taxpayer attempted to deduct expenses for the years 1932 and 1933 related to his investment efforts, which the U.S. Supreme Court held were rightly disallowed, under the tax statute as applicable to those years, by the Bureau of Internal Revenue (now known as the Internal Revenue Service). The Bureau contended, and the ...
As a result of Section 11 of the Banking Act of 1933, Regulation Q was promulgated by the Federal Reserve Board on August 29, 1933. In addition to prohibiting the payment of interest on demand deposits (a prohibition that the act also wrote into the Federal Reserve Act (12 U.S.C.371a) as Section 19(i)), it was also used to impose interest rate ceilings on various other types of bank deposits ...
Marianne Lake, who runs JPMorgan's sprawling consumer franchise, offers her thoughts on the state of bank regulation, Trump's return to the White House, and the possibility of a soft landing.
The Commissioner of the Internal Revenue Service disallowed the claimed deduction. The Tax Court [ 4 ] and the Court of Appeals for the Third Circuit affirmed the Commissioner’s decision. [ 5 ] The courts held that the amount spent towards Morgan Stanley added to the long-term betterment of National Starch.
An American Airlines regional jet went down in the Potomac River near Washington, D.C.'s Ronald Reagan Washington National Airport after colliding with a U.S. Army Black Hawk helicopter on ...
The Lions have allowed the sixth-fewest fantasy points per game to quarterbacks this season and rank fifth in the NFL in rushing yards allowed per game (94.8). Aaron Glenn will likely force ...