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fees are includable as income to petitioners, and as a result of
the parties stipulation, is also deductible as an itemized
deduction.4
Reviewed and adopted as the report of the Small Tax Case
Division.
To reflect the foregoing and the parties’ stipulation
regarding the deductibility of attorney’s fees,
Decision will be entered
under Rule 155.
4 The Supreme Court in Commissioner v. Banks, 543 U.S. __,
125 S. Ct. 826 (2005), noted that the American Jobs Creation Act
of 2004, Pub. L. 108-357, sec. 703, 118 Stat. 1546, amending the
I.R.C. by adding sec. 62(a)(19) was not effective at the time of
the transaction. Since the Act is not retroactive, the Supreme
Court did not consider it. Likewise, we need not consider
whether it might apply to the facts of this case.
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