Legal Definition and Related Resources of Cohan Principle
Meaning of Cohan Principle
In the context of income tax law, where a taxpayer has proven that he should be credited with a particular deduction that he is unable for lack of adequate records to prove with certainty the amount , Internal revenue Commissioner or the courts are required to make an approximation of what would be a reasonable allowance under the circumstances, applying what is generally known as the Cohan principle. Cummings v C.I.R.,(C.A.AIa.) 10 F.2d 675.
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