Tax News
Post details: Deductions for Day-Trading Course Disallowed (Jones, TC)
07/29/08
Deductions for Day-Trading Course Disallowed (Jones, TC)
CCH (cch.taxgroup.com) reports:
An unemployed electrical engineer was prohibited from claiming deductions for expenses related to attending a week-long course to improve his day-trading activities, as well as travel expenses to attend the course. Code Sec. 274(h)(7) disallows any deduction for expenses of attending a convention, seminar or similar meeting if the expenses are unconnected with a trade or business. The taxpayer conceded that he was not in the trade or business of being a day trader.
C.H. Jones III, 131 T.C. No. 3, Dec. 57,496
Other References:
Code Sec. 274
CCH Reference - 2008FED ¶14,408A.70
Tax Research Consultant
CCH Reference - TRC BUSEXP: 12,154.45
Tax News
Daily Tax News
| Mon | Tue | Wed | Thu | Fri | Sat | Sun |
|---|---|---|---|---|---|---|
| << < | > >> | |||||
| 1 | 2 | 3 | 4 | 5 | ||
| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | ||||
Search
Categories
Archives
- District of Columbia --Corporate and Personal Income, Sales and Use Taxes: Second FY 2010 Budget Support Approved
- Tax Court Lacked Jurisdiction Where Deficiency Notice Not Mailed to Estate's Last Known Address (Rule Est., TCM)
- Return Preparers Permitted Certain Disclosures to Solicit New Business and to Professional Liability Insurance Carriers (IR-2009-121; Rev. Rul. 2010-4; Rev. Rul. 2010-5)
- Regulations Address Disclosure and Use of Return Information (T.D. 9478; NPRM REG-131028-09)
- Final, Temporary and Proposed Regulations Address the Use of Controlled Corporations to Avoid Application of Code Sec. 304 (T.D. 9477; NPRM REG-132232-08)
- Ohio --Sales and Use Tax: Sourcing Changes Explained
- London International Financial Futures and Options Exchange Recognized as Qualified Board or Exchange (Rev. Rul. 2010-3)
- Guidance on Elective Exclusion From Code Sec. 956 Obligation Definition, Determination of Readily Marketable Securities, Extended (Notice 2010-12)
- Temporary Suspension of AHYDO Rules Extended to 2010 (Notice 2010-11)
- Illinois --Sales and Use Tax: Airline's Second Refund Claim Barred by Statute of Limitations
- Florida --Sales and Use Tax: County Denied Injunctive Relief Against On-line Travel Companies for Collection of Tourist Development Taxes
- Extended Statute of Limitations for Assessment Applied upon Failure to Disclose Son-of-Boss Partnership Transaction; Disclosure Regulations Not Invalid (BLAK Investments, TC)
- more...
Misc
Syndicate this blog 
What is RSS?
powered by
Original template design by François PLANQUE.
