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Mercedes, an attorney with a leading Miami law firm, isconvicted of failing to file Federal Income Tax returns for2002-2004. Her justification for failing to do so was the pressuresof her profession (80 to 90 hrs workweeks). She is assessed taxes,interest, and penalties of $112,000 by the IRS. In addition, sheincurs related legal fees of $75,000. Determine the amount thatMercedes can deduct, and classify it as a deduction for or adeduction from AGI

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9991991

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