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Bernard Jean Étienne Arnault (French: [bɛʁnaʁ ʒɑ̃ etjɛn aʁno]; born 5 March 1949) is a French businessman, investor and art collector. [ 2 ] [ 3 ] He is the founder, chairman and CEO of LVMH , the world's largest luxury goods company.
It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost to be a consumption expense. Section 162(a) requires six different elements in order to claim a deduction.
Bernard Arnault, CEO of luxury conglomerate LVMH, once said: “As long as I’m not the richest man in the world, I won’t really be happy.” Luckily for Arnault, with a net worth of $200 ...
Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year-- (1) for the production or collection of income;
Bernard Arnault’s reputation as a master dealmaker predates the founding of LVMH, the luxury conglomerate he runs, in 1987. Three years before that, the French businessman bought Christian Dior ...
In March, Bernard Arnault was the world’s richest person—with $48 billion more to his name. LVMH’s Bernard Arnault sees nearly $10 billion in wealth wiped out after share-price bloodbath ...
Though these payments qualified for § 162 deduction as expenses paid in the course of the opticians' trade or business, the IRS argued that the expenses should be disallowed as against public policy. [8] While the Court disapproved of the business ethics displayed by the opticians, the Court upheld the deductions as valid under the Code. [8]
They'll either pretend those were business expenses and deduct them on the business tax return (illegal!). Or they'll do the right thing and exclude them from the business tax return because they ...