Marks v. Commissioner
United States Tax Court
Petitioner's firm, in the normal course of business, dealt in shares of stock of a corporation in which petitioner was a shareholder and director.
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Petitioner's firm, in the normal course of business, dealt in shares of stock of a corporation in which petitioner was a shareholder and director. Subsequent analysis of the transactions indicated possible liability on the part of petitioner to the corporation pursuant to section 16 (b) of the Securities Exchange Act of 1934. In order to avoid any unfavorable effect upon his business reputation and the expense of litigation, petitioner paid to the corporation the maximum amount it could in any event recover, assuming the existence of a violation. Petitioner has at no time admitted any…
1Opinion of the Court
OPINION.
Raum, Judge:
Respondent has determined a deficiency in the income tax of petitioners for the calendar year 1950 in the amount of $14,806.28. The sole issue is whether respondent erred in determining that a payment by petitioner Laurence M. Marks to Shamrock Oil and Gas Corporation in 1950 in the amount of $17,672.08 was not deductible.
All of the facts have been stipulated and are so found.
Petitioners are husband and wife, and reside in New York City. Their joint income tax return for the calendar year 1950 was filed with the then collector of internal revenue for the second district of…
Also in this document: Concurrence.
2Cases cited10 opinions
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Jerry Rossman Corporation v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1949
- National Brass Works, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1950
- Helvering v. Community Bond & Mortgage CorporationCourt of Appeals for the Second Circuit · 1935
- Butler v. CommissionerUnited States Tax Court · 1951
5 more not listed; retrieve them via the Exa API.
3Cited by41 opinions
- Walet v. CommissionerUnited States Tax Court · 1958
- Pike v. CommissionerUnited States Tax Court · 1965
- Shinefeld v. CommissionerUnited States Tax Court · 1976
- Anderson v. CommissionerUnited States Tax Court · 1971
- Mitchell v. CommissionerUnited States Tax Court · 1969
36 more not listed; retrieve them via the Exa API.