First Northwest Industries, Inc. v. Commissioner
United States Tax Court
In January 1967, NBA board of governors granted petitioner an expansion franchise to operate a professional basketball team in Seattle for $ 1,750,000, $ 150,000 of which was allocated to rights, privileges, and benefits attributable to franchise holder and $ 1,600,000 to rights to participate in special expansion veteran draft and college draft.
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In January 1967, NBA board of governors granted petitioner an expansion franchise to operate a professional basketball team in Seattle for $ 1,750,000, $ 150,000 of which was allocated to rights, privileges, and benefits attributable to franchise holder and $ 1,600,000 to rights to participate in special expansion veteran draft and college draft. The expansion draft provided petitioner with the right to select 15 players out of pool of 50. College draft rights included certain specified selections in college draft preceding petitioner's first season of play and participation in all post-1967…
1Opinion of the Court
Sterrett, Judge:
Respondent determined deficiencies in petitioner’s corporate Federal income taxes for its fiscal years ended May 31, 1969 and 1970, in the amounts of $53,808.21 and $165,302.11, respectively.1 This controversy stems from petitioner’s purchase, in 1967, of a National Basketball Association (hereinafter NBA) expansion franchise, the Seattle SuperSonics (hereinafter sometimes referred to as Sonics or Seattle). The issues for decision involve the allocation, if any, and treatment of such purchase price among the rights and properties petitioner acquired and the treatment of moneys…
2Cases cited30 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Lewis Thurston Anderson and Clyde Velma Anderson, Lewis Thurston Anderson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Richard M. Boe and Mary Lots Boe v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
- Houston Chronicle Publishing Company, Plaintiff-Appellee-Cross v. United States of America, Defendant-Appellant-CrossCourt of Appeals for the Fifth Circuit · 1973
- Commissioner of Internal Revenue v. Seaboard Finance Company, Seaboard Finance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Ninth Circuit · 1966
25 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Airlie Foundation v. Internal Revenue ServiceDistrict Court, District of Columbia · 2003
- P.D.B. Sports v. CommissionerUnited States Tax Court · 1997
- First Northwest Industries of America, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1981
- Allan H. Selig v. United StatesCourt of Appeals for the Seventh Circuit · 1984
- Selig v. United StatesDistrict Court, E.D. Wisconsin · 1983
5 more not listed; retrieve them via the Exa API.