Article
Author: Robert P. Achenbach (Agricultural Law Press)
Although taxpayers have the option to file an amended return, I.R.C. § 1341 provides an additional method of obtaining a refund of taxes paid on income in prior years where the taxpayer is required to return income received in a prior year and for which the taxpayer paid taxes. A recent Eleventh Circuit Court of Appeals1 case provides a review of the “claim of right” under Section 1341. This option has gained importance after 2017 because the TCJA 2017 removed the miscellaneous expenses deduction for individual taxpayers; therefore, the option of claiming a deduction for restored taxed income under the claim of right as a miscellaneous deduction is currently not available.
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How to Cite: Achenbach, R. P. (2019) “The Section 1341 "Claim of Right"”, Agricultural Law Digest. 30(14).