Business expense re a lawsuit

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  • LCP
    Senior Member
    • Dec 2005
    • 432

    #1

    Business expense re a lawsuit

    I don't have the details at the moment......what are the general rules re deducting a settlement and legal fees in the $35k neighborhood?

    I would imagine that in some cases they are a deductible cost of doing business while in some cases (say if fraud was alleged) they might not be.
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