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The DT disallowed (47) intercompany royalty expenses and related interest paid by a parent corporation to its out-of-state trademark subsidiary, because the arrangement improperly reflected business done in the state.
The IRS argued that once section 267(a)(2) disallowed a deduction for an accrued expense for a given tax year, the expense could not be deducted until it was paid.
The disallowed expense is the amount that exceeds that included in compensation or reimbursed by the specified individual.
On audit the IRS also disallowed the law firm's deduction of the litigation costs associated with unresolved cases.
Such disallowed losses will not reduce the transferee's basis in its partnership interest.
The IRS had improperly disallowed the ranching losses as passive activity losses, and the trust was entitled to a refund or the overpaid taxes with interest.
Specifically, the Service disallowed (1) expenses attributable to the New Jersey and Florida homes, the undeveloped land and the timeshares and (2) a loss on the sale of the Florida house.