Third Circuit applies narrow interpretation of INDOPCO

In PNC Bancorp (2000), the 3rd Circuit reversed the Tax Court and upheld the deductibility of loan origination costs as ordinary and necessary business expenses, because PNC incurred them in the normal course of its production of day-to-day income.

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Bibliographische Detailangaben
Veröffentlicht in:	The Tax Adviser 2000-11, Vol.31 (11), p.764
Hauptverfasser:	Tapajna, Joseph J, Corrick, Stephen R, Ciesar, William W
Format:	Magazinearticle
Sprache:	eng
Schlagworte:	Banking Business expenses Cost control Expenditures Federal court decisions Finance Laws, regulations and rules Loan originations Loan servicing State court decisions Tax courts Tax deductions
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Beschreibung
Zusammenfassung:	In PNC Bancorp (2000), the 3rd Circuit reversed the Tax Court and upheld the deductibility of loan origination costs as ordinary and necessary business expenses, because PNC incurred them in the normal course of its production of day-to-day income.
ISSN:	0039-9957