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But now she produces an opinion memorandum from her assisted living owner/operator suggesting that she can deduct the full monthly service fee of $27,600 per year.
Thus, for a taxpayer to currently deduct employment taxes on accrued vacation/bonus pay that is paid in the subsequent year, it must meet the all events test and economic performance must have occurred with respect to the liability.
There are two tax rules that could apply Under section 1367, S corporation shareholders can deduct losses up to the amount of their stock basis (with a corresponding reduction in basis).
The Claims Court permitted the taxpayer to deduct the expenditures as repairs.
301, a regular C corp can deduct qualified Katrina-related contributions up to 100 percent of its taxable income (computed as above)--to the extent they exceed other deductible charitable contributions.
RMC acknowledged it had not paid any of the pre-1994 interest of $787,994 to the new creditor; the court ruled RMC, therefore, could deduct that interest only in the year it was paid.
United States,(21) the Fifth Circuit held that a corporation could not deduct an amount paid to repurchase warrants.