Beatty v. Commissioner
United States Tax Court
In 1959 petitioners purchased an Arizona on-sale retailer's liquor license. At that time, such license could be leased by the owner and was capable of transfer separately from the business itself. In addition, the number of such licenses was subject to a severely restricted quota.
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In 1959 petitioners purchased an Arizona on-sale retailer's liquor license. At that time, such license could be leased by the owner and was capable of transfer separately from the business itself. In addition, the number of such licenses was subject to a severely restricted quota. In 1961, the Arizona law was amended to make such licenses transferable only in connection with the business, to prohibit the lease thereof, and greatly to expand the number of such licenses which could be issued. Held, petitioners did not incur a deductible loss in 1961 of the amount paid for their license.
1Opinion of the Court
Monroe W. Beatty and Peggy Beatty, Petitioners, v. Commissioner of Internal Revenue, Respondent
Beatty v. Commissioner
Docket No. 997-64
United States Tax Court
46 T.C. 835; 1966 U.S. Tax Ct. LEXIS 34;
September 30, 1966, Filed
Decision will be entered for the respondent.
In 1959 petitioners purchased an Arizona on-sale retailer's liquor license. At that time, such license could be leased by the owner and was capable of transfer separately from the business itself. In addition, the number of such licenses was subject to a severely restricted quota. In 1961, the Arizona law was amended to make such…
2Cases cited22 opinions
- Associated Press v. United StatesSupreme Court of the United States · 1945
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Bartels v. BirminghamSupreme Court of the United States · 1947
- Burnet v. Niagara Falls Brewing Co.Supreme Court of the United States · 1931
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