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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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CPA reimburses a client for a $75,000 tax liability that is

Customer Question

CPA Joe reimburses a client for a $75,000 tax liability that is traceable to Joe’s
bad tax advice. For fear of increasing his already steep malpractice insurance
premiums, Joe does not file a claim with the insurer. Can Joe deduct the
$75,000 loss?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I have the two cases ready but I feel like it's not enough I need a case that will include IRC 165(c)(1) that is supporting the question
Submitted: 9 months ago.
Category: Tax
Customer: replied 9 months ago.
I have Miller v Comm case and Hills but I feel like there are other key cases that concentrate more on 165c1 losses incurred in a trade or business;
Expert:  PDtax replied 9 months ago.

Hi from just answer. I'mCustomer I can assist, but need to ask for a price bump for the research time.

Accept, and I can look into this today.