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 2016, the IRS disallowed several business deductions he took in 2014 and 2015. 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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A taxpayer can deduct ordinary business expenditures b...View the full answer
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Related Book For 
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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