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- W55637709 abstract "The deductibility of attorney's fees in divorce cases is not a clear and concise area of the law. Because of the complex nature of this issue, practitioners need to be aware of relevant cases and use care in preparing the bill. Two sections of the Internal Revenue Code of 1954 as amended are pertinent to the question of deductibility. section 262 provides, in effect, that except as otherwise stated in the Code, no deduction is allowed for per sonal, living or family expenses. Section 212 allows an individual to deduct all of the ordinary and necessary expenses paid or incurred during the taxable year: [11 for the production or collection of income; [2] for the management, conservation, or mainten ance of property held for the production of in come; or [3] in connection with the determination, collection, or refund of any tax. A closer examination of these three subsections and the relevant cases follows. Production or Collection of Income?Attorneys' fees are deductible when they are incurred in a divorce action in pursuit of taxable income such as alimony. (See Ruth K. Wild, 42 T.C. 706 (1964), Regs. Sec. 1.262.1(b) and Marion R. Hesse, 60 T.C. 685 (1973)). In the Marion R. Hesse case, 10 percent of $500,000 in taxable income was allowed to the wife's attorney as attorneys' fees under this first subsection. In Jimmie T. Jernigan, 34 T.C.M. 1975-132, the wife was allowed to deduct $50,000 of the $75,000 attorneys' fees attributable to production or collection of amounts includable in the gross income under section 71 of the Internal Revenue Code. (Interestingly enough, the hus band paid the balance of the attorneys' fees of $25,000.) Attorneys' fees paid to collect alimony from a former husband are also deductible under section 212(1). (See Jane U. Ellicott, 40 T.C. 304 (1963)). The converse, however, is not true and a husband who has been suc cessful in having alimony payments reduced cannot" @default.
- W55637709 created "2016-06-24" @default.
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- W55637709 date "2016-01-01" @default.
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- W55637709 title "Help Your Client Turn Legal Fees into Tax Deductions" @default.
- W55637709 hasPublicationYear "2016" @default.
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