nondeductible


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Antonyms for nondeductible

not allowable as a deduction

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References in periodicals archive ?
After categorizing spots into the above parking categories, the taxpayer should use a reasonable method to allocate expenses between deductible or nondeductible expenses.
But this has been disproved; the court in the Olive case, as mentioned above, determined that selling marijuana and offering complimentary nonprohibited products and services did not create a second line of business, and as a result, all non-cost of goods sold expenses were nondeductible. A business must charge fees for the nonprohibited products and services in order to successfully deduct expenses; the court referred to the CHAMP case as a clear example (Californians Helping To Alleviate Medical Problems, Inc.
Problems can arise for people who hold nondeductible dollars in their IRAs when they take distributions.
However, a client may make nondeductible contributions to an IRA even when his or her income is too high to qualify for a tax deduction.
401(k) plan) for his or her own benefit, and the amount rolled over equals only the sum of deductible contributions and earnings on all contributions (whether earned on deductible or nondeductible portions) but not any nondeductible contributions, the entire amount roiled over will not be taxed at the time of rollover.
Rogers had failed to identify or trace the nondeductible contributions to any funds remaining in the plan.
Not all civil penalties are nondeductible. The Tax Court in Southern Pacific Transportation Co.
Taxes will not be owed on the original nondeductible contributions because they've already been paid, although the previous earnings on those contributions will be taxable.
Thus, the proposal may embolden the filing of frivolous lawsuits or may compel defendants to pay inflated compensatory damages in order to avoid paying a nondeductible punitive damage award.
At higher levels of income (of if you also have a Keogh or your spouse is covered by a pension), you have to decide whether a nondeductible IRA is worthwhile.
However, clients may make nondeductible contributions to an IRA when adjusted gross income is too high to qualify for a tax deduction.
In some cases, however, you might find that you cannot make a deductible contribution to a traditional IRA or a nondeductible contribution to a Roth IRA.
However, there is confusion as to whether the carryover provision also applies to nondeductible, noncapital losses and expenses (e.g., nondeductible meal expenses and fines).
Nondeductible contributions are generally not subject to the 6% excise tax under section 4973, unless the contribution amounts exceed the maximum deduction amounts set forth in section 219(b).
In particular, section 3 makes clear that taxpayers may not specifically identify qualifying dividends as either deductible or nondeductible in whole or in part.