Grant v. Commissioner
United States Tax Court
Held: Expenditures by a partnership in which one of the petitioners was a limited partner were part of the consideration paid by the partnership for stock and were not deductible as business expenses under sec. 162 or as exploration expenses under sec. 617, Internal Revenue Code of 1954. Held further: Petitioners are liable for the additions to tax under secs. 6651(a) and 6653(a) of said Code.
1Opinion of the Court
M. LESLIE GRANT and ALICE M. GRANT, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Grant v. Commissioner
Docket No. 8495-76.
United States Tax Court
T.C. Memo 1980-242; 1980 Tax Ct. Memo LEXIS 341; 40 T.C.M. (CCH) 609; T.C.M. (RIA) 80242;
July 9, 1980, Filed
Held: Expenditures by a partnership in which one of the petitioners was a limited partner were part of the consideration paid by the partnership for stock and were not deductible as business expenses under sec. 162 or as exploration expenses under sec. 617, Internal Revenue Code of 1954. Held further: Petitioners are liable for the…
2Cases cited10 opinions
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Heman v. CommissionerUnited States Tax Court · 1959
- Dillin v. CommissionerUnited States Tax Court · 1971
- Commissioner of Int. Rev. v. Rowan Drilling Co.Court of Appeals for the Fifth Circuit · 1942
- Cleveland Chiropractic College, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
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