Disclosures
2006, Agosto
In 2004, to help offset the repeal of a tax break for U.S. exporters, Congress created a new deduction for U.S. businesses.
The Code Sec. 199 deduction is allowed to all taxpayers — individuals, C corporations and farming cooperatives, and estates, trusts and their beneficiaries. The deduction is allowed to partners and the owners of S corporations, and may be passed through by farming cooperatives to their patrons. And, despite the deduction’s history, it’s fully available to taxpayers who don’t export.
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