Taxation and State Taxation -- 2000
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PNC Bancorp, Inc. v. Commissioner
(3rd Circuit)
Deductibility of salaries and benefits for loans
The NAM urged reversal, 6/2/99, of a Tax Court decision that salaries and benefits are not currently deductible costs associated with the origination of loans. The Third Circuit found on 5/22/00 that these salaries and benefits are currently deductible.
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