An individual generally may deduct taxes only if he itemizes (on Schedule A of Form 1040). ... But deduction is allowed, to the extent taxpayer shows the assessment is properly allocable to maintenance or interest charges. ... Thus, a shareholder cana#39;t deduct his payment of the corporationa#39;s taxes, or vice versa. ia Property taxes are ordinarily imposed on, and so are deductible by, the property owner.
|Title||:||RIA Federal Tax Handbook 2007|
|Author||:||Research Institute of America|