in an S corp, what legal fees are deductible? can you deduct legal fees for...

70.2K

Verified Solution

Question

Accounting

in an S corp, what legal fees are deductible? can you deduct legal fees for a lawsuit like a case settlement? can you deduct legal fees if it was a sexual harassment?
company had 30k income from lawsuit and 10k legal expenses. can they deduct the 10k?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students