Continuing our series on Famous Tax Quotes, today's Famous Tax Quote is:
Whether and to what extent deductions shall be allowed depends upon legislative grace; and only as there is clear provision therefor can any particular deduction be allowed.
New Colonial Ice Co. v. Helvering, 292 U.S. 435, 440 (1934)
[Hat tip: Frank Santoro]
Andrew Mitchel is an international tax attorney who advises businesses and individuals with cross-border activities.