5th Circ. Says Attys' Investments Were Tax Deductible

Law360, New York (March 4, 2014, 8:27 PM EST) -- The Fifth Circuit on Tuesday upheld a district court's ruling in favor of two attorneys accused by the U.S. of skirting taxes, finding that investment fees they claimed as a deduction were in fact incurred in the course of currency trading.

Charles Patterson and Harold Nix of Nix Patterson & Roach LLP were at the center of the lawsuit, their investment vehicles placed under suspicion by the U.S. Internal Revenue Service. The IRS questioned whether the attorneys were fully in control of their investment vehicles and...
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