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Famous Tax Quote #3 - Deductions Legislative Grace

2009-07-10

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Continuing our series on Famous Tax Quotes, today's Famous Tax Quote is:

Whether and to what extent deductions shall be allowed depends upon legislative grace; and only as there is clear provision therefor can any particular deduction be allowed.

New Colonial Ice Co. v. Helvering, 292 U.S. 435, 440 (1934)

[Hat tip: Frank Santoro]

Andrew Mitchel is an international tax attorney who advises businesses and individuals with cross-border activities.

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