Litigation fees may be tax-deductible, confirms new Tax Court ruling
By EsqSocial Corporation 10/05/21
Mylan Inc. achieved a victory in a tax dispute with the IRS in the Tax Court which may result in tax savings for companies who frequently face litigation related to intellectual property, especially patents. Mylan is a producer of pharmaceutical products. In its 2021-2014 tax filings, Mylan deducted legal fees related to its generic drug business as business expenses, but the IRS disagreed. Specifically at issue were legal fees related to preparing Paragraph-IV Notice Letters (which are...
By: Thompson Coburn LLP