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Regulation Denying Deduction for Interest on Tax Deficiency Is Void.
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- المؤلفون: Wagenbrenner, Anne
- المصدر:
Journal of Accountancy. Mar96, Vol. 181 Issue 3, p27-27. 1/3p.
- معلومة اضافية
- الموضوع:
- نبذة مختصرة :
The article reports on the claims by a family who paid interest on income tax deficiencies for prior years. On their schedules for those years they deducted part of that interest, claiming it was allocable to business debt, that is to tax adjustments relating to their unincorporated business. The Internal Revenue Service disallowed the interest deduction counterclaiming that under temporary regulations section 1.163-9T(b)(2)(A), interest on individual income tax deficiencies is personal and nondeductible.
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