Deductibility of fees paid to postpone property settlement.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on May 1, 1997. The length of the article is 791 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: The US Court of Appeals for the Fourth Circuit overturned a Tax Court ruling in Halle that had accepted the IRS's disallowance of interest deductions claimed by a limited partnership on fees paid to defer the closing date on a property purchase. The IRS characterized the payments as payments for an option and noted that no interest was identified in the contract. The Court noted that the taxpayer was not considering other properties and was working on obtaining financing. The Court also noted that the monthly deferral fee was consistent with what an interest payment would be.

Citation Details
Title: Deductibility of fees paid to postpone property settlement.
Author: Michael S. Abramovitz
Publication:The Tax Adviser (Magazine/Journal)
Date: May 1, 1997
Publisher: American Institute of CPA's
Volume: 28 Issue: n5 Page: 274(2)

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