Legal Opinion
Milton S. Kronheim & Co. v. United States
United States Court of Claims
Decided July 16, 1958No. 50327PublishedCited by 5 opinions
1Opinion of the CourtLaramore, Judge
This is a suit to recover income and excess profits taxes paid by plaintiff for the fiscal year ended October 31, 1944. The sole issue before us is whether or not plaintiff is entitled to deduct as an ordinary and necessary business expense1 the sum of $200,000 which it paid in settlement of the Price Administrator’s claim against it for treble damages under the Emergency Price Control Act of 1942.2
What would otherwise appear to be ordinary and necessary business expenses may be disallowed if their deduction would frustrate sharply defined Federal or State policy. Textile Mills Corp. v.…
2Cases cited18 opinions
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Textile Mills Securities Corp. v. CommissionerSupreme Court of the United States · 1941
- Tank Truck Rentals, Inc. v. CommissionerSupreme Court of the United States · 1958
- Lilly v. CommissionerSupreme Court of the United States · 1952
- Jerry Rossman Corporation v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1949
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3Cited by5 opinions
- United States v. Beatrice Foods Co.District Court, D. Minnesota · 1972
- Fidelity & Deposit Co. of Md. v. Hudson United BankDistrict Court, D. New Jersey · 1980
- McGraw-Edison Co. v. United StatesUnited States Court of Claims · 1962
- McGraw-Edison Co. v. United StatesUnited States Court of Claims · 1962
- McGraw-Edison Co. v. United StatesUnited States Court of Claims · 1962