FMV sold shares of stocks of San Miguel Corporation but failed to timely file the return and
Fantastic news! We've Found the answer you've been seeking!
Question:
FMV sold shares of stocks of San Miguel Corporation but failed to timely file the return and pay the capital gains tax due thereon. He was assessed for interest and penalties in addition to the tax due. He then recognized as a deduction from his annual income tax return the amount of interest paid on the assessed tax. Was the interest expense paid an allowable deduction for income tax purposes?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: