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Pevsner v. Commissioner, 628 F.2d 467 (5th Cir. 1980) [1] is a United States federal income tax case before the Fifth Circuit.It dealt with the issue of whether clothes purchased solely for use at work could be treated as a business expense deduction on a taxpayer's return.
On remand, 6 F. App'x 770 (10th Cir. 2001). Holding; The Internal Revenue Code permits taxpayers to increase bases in their S corporation stock by the amount of an S corporation's discharge of indebtedness excluded from gross income and the increase occurs before taxpayers are required to reduce the S corporation's tax attributes. Court membership
The most common forms are the 1040 and 1040-SR, but the addresses for form 1040-X, which is used to make edits to your tax return, are also included. Filing Addresses for Form 1040 and 1040-SR
Circular 230 contains rules of conduct in preparing tax returns. [14] Persons preparing tax returns must not: Take a position on a tax return unless there is a realistic possibility of the position being sustained on its merits. Frivolous tax return positions are prohibited. Unreasonably delay prompt disposition of any matter before the IRS.
Taxes can be complicated, and it's not uncommon to make a mistake on a tax return. The Internal Revenue Service recognizes this and allows taxpayers to amend their returns to correct errors they...
Cowden v. Commissioner, 289 F.2d 20 (5th Cir. 1961), [1] outlined the factors used to determine whether something received is a cash equivalent, in other words, whether something received is taxable when it was received or when it was assigned. The court observed two main doctrines in determining when something is taxable.
Commissioner v. Tufts, 461 U.S. 300 (1983), was a unanimous decision by the United States Supreme Court, which held that when a taxpayer sells or disposes of property encumbered by a nonrecourse obligation exceeding the fair market value of the property sold, the Commissioner of Internal Revenue may require him to include in the “amount realized” the outstanding amount of the obligation ...
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