Mark Hancock is a self-employed attorney who operates his law practice as an unincorporated sole proprietorship. In

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Mark Hancock is a self-employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2014, the IRS disallowed several business deductions he took in 2012 and 2013. In addition to paying the deficiency and assessed penalties, he also pays $18,000 in interest on the tax owed. Can he deduct that interest in the current year?
• Sec. 162, Sec. 163
• Reg. Sec. 1.163-9T
• Kikalos v. Comm., 84 AFTR 2d 99-5933
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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