Sec. 14. Deduction for expenses relating to certain audits
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Subsection
(a)of section 62 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: The deduction allowed by section 224. . Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section: In the case of an individual, there shall be allowed as a deduction for the taxable year an amount equal to so much of the qualified NRP expenses paid or incurred during the taxable year as does not exceed $5,000. For purposes of this section, the term qualified NRP expenses means amounts which but for subsection
(d)would be allowed as a deduction under section 162 or 212(3) in connection with an audit of the taxpayer's return of the tax imposed by this chapter for any taxable year under the National Research Program, but only if such audit results in no increase in the tax liability of the taxpayer for such taxable year. No deduction shall be allowed under any other provision of this chapter for any amount for which a deduction is allowed under this section. . The table of sections for part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking the item relating to section 224 and by inserting after the item relating to section 223 the following new items: Sec. 224. Expenses relating to certain audits. Sec. 225. Cross reference. . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.