Article

The Section 1341 "Claim of Right"

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Abstract

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.

How to Cite:

Achenbach, R. P., (2019) “The Section 1341 "Claim of Right"”, Agricultural Law Digest 30(14), 105–106.