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IRS need not explain rejection of a deduction (access required)

Even though the Internal Revenue Service failed adequately to explain its decision, the 4th U.S. Circuit Court of Appeals has upheld the IRS’ rejection of $117.8 million in salary and wage deductions claimed by a defense contractor. QinetiQ U.S. Holdings Inc. maintained that it was entitled to a tax deduction for the value of the stock ...

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