- 2 - Howard W. Munchnick, for petitioners. John J. Sweeney, for respondent. MEMORANDUM FINDINGS OF FACT AND OPINION HALPERN, Judge: By notice of deficiency dated May 21, 1999, respondent determined a deficiency in petitioners’ Federal income tax for 1997 in the amount of $68,716. The adjustment giving rise to that deficiency is respondent’s determination that petitioners are liable for the alternative minimum tax. After concessions, the only issue remaining for decision is whether petitioners may treat certain legal fees and related expenses (the legal fees) as reimbursed employee business expenses deductible from gross income pursuant to section 62(a)(2)(A) rather than as miscellaneous itemized deductions, which are not allowed as deductions in computing alternative minimum taxable income subject to the alternative minimum tax. We hold that they may not. Our reasons follow. Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for the year at issue, and all Rule references are to the Tax Court Rules of Practice and Procedure.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011