Principles of Income Tax Deductions: Information on Tax Reform Updates (Portfolio 503)

Kristin Balding Gutting

Managing Director

Dixon Hughes Goodman, LLC

At a glance

I. Definition and Function of Deductions
II. Applicable Principles
III. Taxpayer Entitled to Deduction
IV. Deduction Limitations and Allowances
V. Deductions Allowable to Individuals
VI. Deductions Allowable to Corporations
VII. Deductions Allowed to Trusts and Estates


Bloomberg Tax Portfolio, Principles of Income Tax Deductions: Information on Tax Reform Updates, No. 503, analyzes in depth what income tax deductions are, how they function, and how they interact with other tax items. After examining the legal principles of general applicability to deductions, the Portfolio organizes the deductions into logical categories, including those allowed in computing adjusted taxable income, deductions for personal expenses, deductions allowed to corporations, etc. Deductions not discussed elsewhere in the Portfolios are analyzed thoroughly in this Portfolio and deductions that are discussed elsewhere in the U.S. Income series are organized into relevant categories but not discussed.
This Portfolio may be cited as Gutting, 503 T.M., Principles of Income Tax Deductions.

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