Kenworthy v. Commissioner
United States Tax Court
Three partners purchased the entire interest of a fourth partner in a well-established business for $70,000. They also paid $5,000 attorney's fees in connection with such purchase. Held, such sums were capital expenditures and not ordinary and necessary expenses.
1Opinion of the Court
N. Paul Kenworthy and Dorothy F. Kenworthy * v. Commissioner.
Kenworthy v. Commissioner
Docket Nos. 29355, 29356, 29357, 29358, 29359, 29360.
United States Tax Court
1952 Tax Ct. Memo LEXIS 344; 11 T.C.M. (CCH) 60; T.C.M. (RIA) 52013;
January 25, 1952
Three partners purchased the entire interest of a fourth partner in a well-established business for $70,000. They also paid $5,000 attorney's fees in connection with such purchase. Held, such sums were capital expenditures and not ordinary and necessary expenses.
James A. Moore, Esq., 2228 Land Title Bldg., Philadelphia, Pa., and B. Graeme Frazier,…
2Cases cited7 opinions
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Michaels v. CommissionerUnited States Tax Court · 1949
- Horton v. CommissionerUnited States Tax Court · 1949
- Lehman v. CommissionerUnited States Tax Court · 1946
- Kaffie v. CommissionerUnited States Board of Tax Appeals · 1941
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Smith v. United StatesDistrict Court, S.D. Texas · 1967