Plym v. United States

SUPPLEMENTAL OPINION

ENGEL, District Judge.

This memorandum opinion supplements the remarks made by the court in granting defendant’s motion for a directed verdict at the close of plaintiffs’ case. As the court indicated in open court, the sole issue is whether plaintiff taxpayers, Lawrence J. and Mary L. Plym, 1 were entitled to take as a deduction under 212 of the Internal Revenue Code of 1954, the payment of $75,000.00 to the firm of Spingarn, Heine and Company, New York stockbrokers, as an ordinary and necessary expense .... either (1) “for the production or collection of income”, or (2)…