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The Deductibility Of Capital Expenditures As Qualified Medical Expenses

Gerald M. Levinson, a renowned pension and trust tax attorney and founder of Benefits Research & Communications in Escondido, California, discusses in his Expert Commentary how certain personal capital expenditures may be wholly or partially deductible as medical expenses if they are incurred primarily...

Knight v. Commissioner: Calculating Estate Costs and Itemized Deductions

Phillip R. Fink, J.D., Professor of Accounting at the University of Toledo and noted author, provides an analysis of the landmark Supreme Court case of Knight v. Comm'r, 552 U.S. 181 (U.S. 2008) , interpreting IRC Section 67(e)(1) regarding the deduction of costs for the administration of an estate...

The Deduction for Energy Efficient Buildings Under IRC Section 179D

A deduction is available for the cost of energy efficient commercial building property placed in service before January 1, 2014. A partial deduction is allowed for energy savings systems that are not part of a plan to reduce the building's energy consumption by 50 percent if the system reduces energy...

Knight v. Commissioner Limits Investment Fee Deductibility by Trusts

In Knight v. Comm'r, 552 U.S. 181 (U.S. 2008) , t he Supreme Court settled a long-standing split of authority regarding the applicability of the 2% AGI limit to the deductibility of investment fees by trusts. Holding that the fees are commonly or customarily incurred by individuals, the Court determined...