Nicholas Cage’s Deduction Claims:Gone in Sixty Seconds [taxgirl ®], Legal Document Translation, Patent Document Translation, Business Document Translation, Technical Document Translation, Academic Document Translation,

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Nicholas Cage’s Deduction Claims:Gone in Sixty Seconds [taxgirl ®]

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Actor Nicolas Cage (whose best role - by far - was in “Raising Arizona”) has filed a petition in Tax Court disputing deficiencies alleged by the IRS.

The Oscar Winner (he won in 1995 for “Leaving Las Vegas”) has been accused of using his production company to “wrongly write off $3.3 million in personal expenses.” The IRS claims that the expenses of “limos, meals, gifts and travel”, including the expenses to maintain his personal jet, were extravagances. However, New York gossip column PageSix.com is reporting that the items were for “security needs” according to Cage’s business manager.

Apparently, Cage is disputing $814,000 in taxes and penalties and his production company, Saturn Productions, is refusing to pay the IRS $988,000. I was not able to view a copy of the petition - it is mysteriously “unavailable” on the Tax Court site.

I’ll update as I have information.

Tags: deductions, IRS, Nicholas Cage

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