Possible deduction for interest paid on form 1040.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on February 1, 1994. The length of the article is 897 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: A US district court in North Dakota found that the IRS should not have denied an interest deduction for interest paid on a tax deficiency incurred by a noncorporate trade or business and ordered further discovery to resolve whether the expenses were ordinary and necessary. The IRS had extended Internal Revenue Code Section 163(h)(1), which denied deductions for personal income expense, to interest on trade or business tax deficiencies. The district court relied on case law and the statute's failure to amend related sections dealing with trade and business taxation.

Citation Details
Title: Possible deduction for interest paid on form 1040.
Author: Janet Belter
Publication:The Tax Adviser (Magazine/Journal)
Date: February 1, 1994
Publisher: American Institute of CPA's
Volume: 25 Issue: n2 Page: 93(2)

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