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Settlement Costs and Legal Fees Stemming from Corporate Reorganization Are Non-Deductible If a capital transaction produces litigation, the potentially resulting settlement costs and associated legal fees are capital acquisition costs. As such, these amounts cannot be deducted. This was the holding in the recent court case Ash Grove Cement Company vs. U.S., 113 AFTR 2d...

President Obama Proposes Sweeping International Tax Reforms Jason Furman, President Obama’s Chief Economic Advisor, outlined proposals to be put forward by the Obama Administration, aimed at removing tax advantages for American multinational companies operating in low-tax jurisdictions. While Republican Senator Camp has proposed his own changes, including reducing the U.S. Corporate Income tax rate to...