Diamond v. Commissioner
United States Tax Court
1. In 1961 petitioner, as a mortgage broker, received $ 145,186.37 in commissions or fees from borrowers for obtaining loans on their behalf from Marshall Savings & Loan, which was controlled by the Moravec family. During the same year petitioner made secret payments totaling $ 39,398.50 to the Moravecs. Held, the commissions are fully includable in petitioner's 1961 gross income.
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1. In 1961 petitioner, as a mortgage broker, received $ 145,186.37 in commissions or fees from borrowers for obtaining loans on their behalf from Marshall Savings & Loan, which was controlled by the Moravec family. During the same year petitioner made secret payments totaling $ 39,398.50 to the Moravecs. Held, the commissions are fully includable in petitioner's 1961 gross income. Sec. 61, I.R.C. 1954. Held, further, petitioner's payments to the Moravecs are not deductible as ordinary and necessary business expenses. Sec. 162, I.R.C. 1954. 2. Petitioner performed services for Kargman in…
1Opinion of the Court
Sol Diamond and Muriel Diamond, Petitioners v. Commissioner of Internal Revenue, Respondent
Diamond v. Commissioner
Docket Nos. 3260-65, 2989-66
United States Tax Court
56 T.C. 530; 1971 U.S. Tax Ct. LEXIS 113;
June 21, 1971, Filed
Decision will be entered for the respondent.
1. In 1961 petitioner, as a mortgage broker, received $ 145,186.37 in commissions or fees from borrowers for obtaining loans on their behalf from Marshall Savings & Loan, which was controlled by the Moravec family. During the same year petitioner made secret payments totaling $ 39,398.50 to the Moravecs. Held, the commissions…
2Cases cited38 opinions
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Commissioner v. TellierSupreme Court of the United States · 1966
- Hort v. CommissionerSupreme Court of the United States · 1941
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