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• W314533747 abstract "I. INTRODUCTION II. BACKGROUND A. The Struggle with Deductibility of Educational Expenses Prior to Regulation 1.162-5 1. A Change in History: The Hill Case in Tax Court 2. A Change in History: The Hill Case on Appeal B. The IRS Releases Treasury Regulation 1.162-5 in 1958: The Subjective Standard C. The IRS Revamps Treasury Regulation 1.162-5 in 1967: The Current Standard 1. The Objective Non-Deductibility of Educational Expenses in Fields of Study with Education and Examination Prerequisites 2. The Approach to Educational Expense Deductibility in Fields of Study with No Formal Education or Examination Prerequisites III. ANALYSIS: THE SHORTCOMINGS OF THE OBJECTIVE STANDARD OF DEDUCTIBILITY UNDER REGULATION 1.162-5 WHEN APPLIED TO MBA DEGREE EXPENSES A. Losing Objectivity Through Use of Commonsense B. Qualifying for a New Trade or Business with an MBA Degree 1. Comparing Education to Work Clothing 2. MBA Degree Expenses: Not What Code or Regulations Contemplated C. Commonsense Produces Unfair Results D. Commonsense Leaves Room for Abuse IV. RECOMMENDATION: DENY EDUCATIONAL EXPENSE DEDUCTIONS FOR COSTS INCURRED TO OBTAIN AN MBA DEGREE IN ALL CIRCUMSTANCES A. Getting Back to an Objective Approach B. Promoting Equal Treatment Among Taxpayers C. Eliminating Opportunities for Abuse of Tax System D. Reduction of Administrative Costs E. Eliminating Business Start-Up Expense Argument V. CONCLUSION I. INTRODUCTION Individual taxpayers incurring expenses for education face a significant challenge when determining whether those expenses are deductible as trade or business expenses for income tax purposes. The Internal Revenue Code (Code) allows taxpayers to deduct the cost of earning a living by taxing their net profits [from a trade or business] rather than ... gross receipts or gross income. (1) Therefore, employees can either deduct their employment expenses from gross income if reimburses taxpayer for those expenses or as a miscellaneous itemized deduction if provides no reimbursement. (2) With respect to educational expenses, threshold requirement for deductibility is that expenses are incurred while carrying on a[] trade or (3) After meeting this threshold requirement, Treasury Regulation 1.162-5 imposes four additional tests that education must pass to qualify for deductibility. (4) Under these four tests, education must not (1) be minimum educational requirements for taxpayer's position or (2) qualify[] [the taxpayer] in a new trade or business, and education must either (3) maintain or improve [the taxpayer's] skills or (4) be an express requirement of [taxpayer's] employer for retention of position. (5) The courts employ a number of different analyses and standards when determining whether educational expenses meet these four tests. (6) Thus, two different taxpayers incurring expenses for exact same education could be subject to a different analysis and standard, depending on their unique circumstances, which could ultimately lead to contradictory outcomes. This inconsistency leaves a taxpayer hoping to get a deduction for educational expenses largely at mercy of judge. One specific type of education, Masters of Business Administration (MBA) degree, results in taxpayers falling victim to this disparity when determining deductibility of expenses incurred to obtain degree. In a recent case, Tax Court allowed an employee of an orthodontic laboratory to deduct expenses he incurred while pursuing an MBA degree. (7) The outcome of case hinged on upward-bound (8) disallowance test of current regulation, which denies a deduction where education qualif[ies taxpayer] in a new trade or business. …" @default.
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• W314533747 date "2007-03-22" @default.
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• W314533747 title "The Deductibility of MBA Degree Expenses under Treasury Regulation 1.162-5: Are You One of the Lucky Few Who Qualify?" @default.
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