Document Type

Article

Publication Date

10-1-2007

Publication Title

The Tax Adviser

Volume

38

Issue Number

10

First Page

588

Last Page

594

Disciplines

Accounting | Business | Taxation

Abstract

If the origin of a claim that generated legal fees is personal, the fees are not deductible. Possible favorable treatment for legal fees includes either above-the-line deductions or adjustments to basis or selling price in a property transaction. Some taxpayers have claimed described legal fees in such a way that they directly reduce the related income.

Comments

Copyright © 2007 American Insitute of CPAs.

Download

Share

COinS