- 23 - The intangible personal property tax is levied against notes, bonds, and other obligations for the payment of money which are secured by a mortgage, deed of trust, or other lien upon real property situated in the State of Florida. Fla. Stat. ch. 199.133(1) (1989). The documentary stamp tax is levied on mortgages, trust deeds, or other evidences of indebtedness filed or recorded in the State of Florida. Fla. Stat. ch. 201.08(1) (1989). In the statutory notices of deficiency, respondent disallowed REE's and ME's claimed deductions for taxes on the ground that the taxes constituted capital expenditures. Section 164(a) provides: SEC. 164. TAXES. (a) General Rule.--Except as otherwise provided in this section, the following taxes shall be allowed as a deduction for the taxable year within which paid or accrued: (1) State and local, and foreign, real property taxes. (2) State and local personal property taxes. (3) State and local, and foreign, income, war profits, and excess profits taxes. (4) The GST tax imposed on income distributions. (5) The environmental tax imposed by section 59A. In addition, there shall be allowed as a deduction State and local, and foreign, taxes not described in the preceding sentence which are paid or accrued within the taxable year in carrying on a trade or business or an activity described in section 212 (relating to expenses for production of income). Notwithstanding the preceding sentence, any tax (not described in the first sentence of this subsection) which is paid or accrued by the taxpayer in connection withPage: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Next
Last modified: May 25, 2011