Holding
The payments for auditing or training sessions do not satisfy the "contribution or gift" inquiry necessary for deductibility under IRC ยง170 because it amounted to a quid pro quo for the taxpayer. In other words, the taxpayer received a benefit in consideration for his contribution.
Read more about this topic: Hernandez V. Commissioner
Famous quotes containing the word holding:
“One more crack from you, bimbo, and you’ll be holding a lily.”
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