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Legal fees related to disputes over inheritance or will contests are also generally not tax-deductible. If you’re involved in a civil lawsuit unrelated to your business, the legal fees incurred ...
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), [9] 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."
Sullivan, [7] the taxpayer claimed a deduction for rent and wages paid in support of a gambling enterprise. The enterprise and the rent and wages paid were illegal under state law. [7] The IRS challenged the claimed deduction, stating that the illegality of the gambling enterprise required disallowance of the deduction. [7]
United States, the Supreme Court sustained the Commissioner in disallowing the deduction as a "family" expense under § 262. [1] The Court reasoned that the deductibility of legal fees depends upon the origin of the litigated claim rather than upon the potential consequences of success or failure to the taxpayer's income status.
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
• Spoofing - used by spammers to make an email or website appear as if it's from someone you trust. • Phishing - an attempt by scammers to pose as a legitimate company or individual to steal someone's personal information, usernames, passwords, or other account information.
(The Center Square) – Wisconsin’s Department of Transportation is reminding people that the REAL ID change is finally coming, saying this will be the last holiday travel season before REAL IDs ...
With the Tax Reform Act of 1986, the government stopped allowing a tax deduction for consumers on credit card interest payments, arguing that the deduction encouraged growing consumer debt.