This Court ruling does not address the fact on whether or not a business can deduct expenses after a business has been closed. From what I read, it covers the sales of capital assets and whether these could be considered capital or ordinary losses.
Now to address orchid9 concern, you may be able to claim business expenses after the business has closed but you will need to file an amended return reflecting the business expenses that occurred after closure.. If you filed a final return for the business, then you cannot file a original return for the business that has been reported closed. I would however not doing this every year to reflect the reoccurring payments to Cox.
@orchid9 @JSWIZCPA
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
