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Simple English definitions for legal terms

Cohan rule

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A quick definition of Cohan rule:

The Cohan rule is a law that says if you don't have records of how much money you spent on something, you can make a good guess and still get a tax deduction. This rule was made because sometimes it's hard to keep track of everything you spend money on. But, it's important to remember that this rule doesn't work for everything and there are some things you can't guess about when it comes to taxes.

A more thorough explanation:

The Cohan rule is a legal principle that allows taxpayers to estimate their tax deductions when they are unable to produce records of actual expenditures. This rule is based on the common law and was established in the United States by the Second Circuit in the case of Cohan v. Commissioner.

Under the Cohan rule, taxpayers can claim certain tax deductions based on reasonable estimates, as long as there is some factual basis for the estimate. For example, if a taxpayer cannot produce receipts for business expenses, they may estimate the amount spent based on their memory or other evidence.

However, the Cohan rule does not apply to all tax deductions. It does not apply to items that are listed in Section 274(d) of the Internal Revenue Code, which includes expenses such as entertainment and travel.

For instance, if a self-employed individual cannot produce receipts for their office supplies, they may estimate the amount spent based on their past purchases or industry standards. This estimation can be used to claim a tax deduction for the expenses.

Another example is if a taxpayer cannot produce receipts for charitable donations, they may estimate the amount donated based on their bank statements or other evidence. This estimation can be used to claim a tax deduction for the donations.

cohabitation | coho

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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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