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Co-Mingling Personal and Business Expenses Can Be Costly Taxwise

December 11, 2019 / By Barbara Weltman

An owner of a C corporation that did engineering transferred funds — more than $113,000 — from his corporate account to his personal account and used the money to pay personal expenses. The Tax Court said that this was a constructive dividend, which is not deductible by the corporation but taxable to the owner.

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