deduction
Seismic Surveyor Entitled to G&G Expense Deductions
In CGG Americas, Inc. v. Commissioner, 147 T.C. 2, the U.S. Tax Court concluded that a seismic surveyor is entitled to geological and geophysical (G&G) expenses deductions even though they merely gathered data for license to third parties and did not engage in exploration or development work. The facts and procedural history of the case […]
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Fines or Sanctions Paid to FINRA Are Not Deductible
In CCA 201623006 the IRS concluded that the payment of a fine or similar penalty to the Financial Industry Regulatory Authority (FINRA), a non-government entity, is not deductible as an ordinary and necessary business expense. The law is clear that fines and penalties paid to government entities for violation of the law are not deductible. […]
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