Is a BATF Tax Stamp, Tax Deductable?

azlaw · 04-07-2010, 10:47 PM

Funny you should ask. The answer is "probably not, but depends".

Per IRC section 164(a):

"... any tax ... which is paid or accrued by the taxpayer in connection with an acquisition... of property shall be treated as part of the cost of the acquired property..."

In other words, the tax is part of the price of the gun from a taxation standpoint, so deduction from income is only permitted if the purchase itself is deductable - possible, but not bloody likely.

H

P.S. The above is not tax advice, consult a licensed tax attorney or CPA for actual tax advice - blah, blah, blah...

04-07-2010, 10:47 PM	#2
azlaw User Join Date: Mar 2007 Location: Tucson, AZ Posts: 207 Thanks: 1 Thanked 4 Times in 4 Posts	Funny you should ask. The answer is "probably not, but depends". Per IRC section 164(a): "... any tax ... which is paid or accrued by the taxpayer in connection with an acquisition... of property shall be treated as part of the cost of the acquired property..." In other words, the tax is part of the price of the gun from a taxation standpoint, so deduction from income is only permitted if the purchase itself is deductable - possible, but not bloody likely. H P.S. The above is not tax advice, consult a licensed tax attorney or CPA for actual tax advice - blah, blah, blah...