Journal-Tribune Publishing Co. v. Commissioner
United States Tax Court
In 1941 the petitioner leased the newspaper businesses of two corporations for a period of 99 years. In the leases it agreed that it would exert its best endeavor in the upkeep and publication of the newspapers. In 1956 it purchased a new printing press and related equipment having a useful life in excess of 1 year, and discontinued use of, and sold, the old press.
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In 1941 the petitioner leased the newspaper businesses of two corporations for a period of 99 years. In the leases it agreed that it would exert its best endeavor in the upkeep and publication of the newspapers. In 1956 it purchased a new printing press and related equipment having a useful life in excess of 1 year, and discontinued use of, and sold, the old press. It claimed as an ordinary and necessary business expense deduction the cost of the new press accrued and paid prior to the close of its taxable year ended October 31, 1957. In a case involving the petitioner's tax liability for a…
1Opinion of the Court
Journal-Tribune Publishing Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Journal-Tribune Publishing Co. v. Commissioner
Docket No. 85148
United States Tax Court
38 T.C. 733; 1962 U.S. Tax Ct. LEXIS 91;
August 27, 1962, Filed
Decision will be entered for the respondent.
In 1941 the petitioner leased the newspaper businesses of two corporations for a period of 99 years. In the leases it agreed that it would exert its best endeavor in the upkeep and publication of the newspapers. In 1956 it purchased a new printing press and related equipment having a useful life in excess of 1…
2Cases cited26 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- The Evergreens v. NunanCourt of Appeals for the Second Circuit · 1944
- Duffy v. Central R. Co. of NJSupreme Court of the United States · 1925
- Fairmont Aluminum Company v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1955
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