Corporate,
Tax
Jan. 23, 2018
Tax Court considers the deductibility of family business expenses
Under the Tax Cuts and Job Act enacted last month, the ability to make miscellaneous itemized deductions -- including for management fees for private investment funds -- has been eliminated.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
Under the Tax Cuts and Job Act enacted last month, the ability to make miscellaneous itemized deductions -- including for management fees for private investment funds -- has been eliminated. A recent U.S. Tax Court decision explores whether a family owned investment business was carrying on a trade or business for purposes of Internal Revenue Code Section 162. If so, expenses would be deductible as ordinary business expenses. If not, expenses would be treated as a mis...
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