A bill to amend the Internal Revenue Code of 1954 to allow a credit against income taxes for expenses incurred as a result of an income tax audit, in any case in which the taxpayer is not liable for more taxes as the result of such audit.

Summary

Amends the Internal Revenue Code to allow taxpayers an income tax credit for all ordinary and necessary expenses which such taxpayers incur in connection with an audit or a final judicial determination of their tax liability, if such audit or determination establishes that there is no tax deficiency. Disallows an income tax deduction for any audit expenses for which a credit is claimed under the provisions of this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 10 April 1979

  Open at official source

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