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A district court in Kansas has concluded in Ash Grove Cement Co, et al. v. U.S. that a taxpayer’s litigation expenses arose from the acquisition of a business and were nondeductible capital expenses.
The Tax Court has ruled in R. Ball for R Ball III by Appt. v. Commissioner that shareholders in an S corporation improperly adjusted the basis of their S corporation stock upon an election to treat the S corporation’s wholly owned subsidiary as a qualified subchapter S subsidiary (QSUB).
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