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Famous Tax Quote #7 - Contingent Liabilities

2009-08-10

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

The prudent business man often sets up reserves to cover contingent liabilities.  But they are not allowable as deductions.

Lucas v. American Code Co., Inc., 280 U.S. 445 (1930).

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

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