Reporter Publishing Co. v. Commissioner
United States Tax Court
Petitioner purchased all the assets of a newspaper in 1940, including an Associated Press membership. The by-laws existing then imposed barriers to membership for applicants competing with old members, including what in effect amounted to a veto power by the competing member. In 1945, the Supreme Court held these by-laws to be illegal restraints of trade. Petitioner contends thereby it sustained a deductible loss under section 23 (f) of the Internal Revenue Code.
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Petitioner purchased all the assets of a newspaper in 1940, including an Associated Press membership. The by-laws existing then imposed barriers to membership for applicants competing with old members, including what in effect amounted to a veto power by the competing member. In 1945, the Supreme Court held these by-laws to be illegal restraints of trade. Petitioner contends thereby it sustained a deductible loss under section 23 (f) of the Internal Revenue Code. The Associated Press after the Supreme Court decision amended its by-laws so as to remove the monopolistic features but leaving all…
1Opinion of the Court
The Reporter Publishing Company, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Reporter Publishing Co. v. Commissioner
Docket No. 26352
United States Tax Court
18 T.C. 86; 1952 U.S. Tax Ct. LEXIS 221;
April 11, 1952, Promulgated
Decision will be entered for the respondent.
Petitioner purchased all the assets of a newspaper in 1940, including an Associated Press membership. The by-laws existing then imposed barriers to membership for applicants competing with old members, including what in effect amounted to a veto power by the competing member. In 1945, the Supreme Court held…
2Cases cited6 opinions
- Associated Press v. United StatesSupreme Court of the United States · 1945
- Associated Press v. United StatesSupreme Court of the United States · 1945
- Pugh v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1931
- Gulf Power Co. v. CommissionerUnited States Tax Court · 1948
- Consolidated Freight Lines v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1939
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