Swan Corporation incurred $15,000 of accounting and legal fees in the redemption of stock from its shareholders.Swan can deduct the redemption expenditures as trade or business expenses under § 162.

Name: Swan Corporation incurred $15,000 of accounting and legal fees in the redemption of stock from its shareholders.Swan can deduct the redemption expenditures as trade or business expenses under § 162.
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Question

Quizplus · Accepted Answer

Redemption expenditures are not deductible by a corporation.

Swan Corporation Incurred $15,000 of Accounting and Legal Fees in the Redemption