A business paid a contested tax deficiency plus interest and deducted the interest payment on its 2019
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A business paid a contested tax deficiency plus interest and deducted the interest payment on its 2019 tax return. After settlement, the IRS computed the actual interest due and issued a refund for the difference between the actual interest and the interest paid. The taxpayer now wishes to amend its 2019 return to deduct the entire interest amount it paid. What would you advise?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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