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TOPICS / TAX

Tax Court petition is ruled untimely

When a private delivery service is used, it must be one the IRS has specifically identified to satisfy Sec. 7502, the Tax Court holds.

What kind of deduction is a hobby expense?

In a case of first impression for the Eleventh Circuit, the court affirmed a Tax Court holding that expenses of activities not engaged in for profit, i.e., hobbies, are allowable only as miscellaneous itemized deductions under Sec. 67(a).

Auto depreciation limitations increase

The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

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