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The Tax Cuts and Jobs Act (TCJA), enacted in 2017, brought about several significant changes to the U.S. tax code, including modifications to the deductions for legal fees.
The Tax Cuts and Jobs Act (TCJA) of 2017 put an end to the deductibility of financial advisor fees, as well as a number of other itemized deductions. As of January 2018, these fees no longer ...
The Court, however, made clear that it would review deduction determinations in light of the principle that the "federal income tax is a tax on net income, not a sanction against wrongdoing." [ 4 ] According to the Court, absent "a few limited and well-defined exceptions" (see below) § 162 does not limit deductions for losses to those losses ...
The taxpayer subsequently deducted the legal fees he spent while defending himself. [8] 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 ...
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.
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Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year-- (1) for the production or collection of income;
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