New York Sun, Inc. v. Commissioner
United States Tax Court
Income Tax -- Deductions. -- Held, that petitioner's membership in the Associated Press did not become worthless in 1945 as a result of either the decision of the Supreme Court of the United States invalidating the monopolistic provisions of the Associated Press bylaws or the subsequent amendments to such bylaws, and that petitioner is not entitled to deduct in that year, under section 23 (f) of the Internal Revenue Code of 1939, the basis of such membership.
1Opinion of the Court
OPINION.
Atkins, Judge:
The only question remaining for decision is whether in 1945 the petitioner sustained a deductible loss in the amount of $650,000, the basis of its membership in the AP. On June 18, 1945, .the Supreme Court held that the bylaws of the AP regarding the admission to membership of applicants who would be in competition with existing members were in restraint of trade, and subsequently on November 28, 1945, the AP amended its bylaws to eliminate the discriminatory provisions.
Section 23 (f) of the Internal Revenue Code of 1939 provides that in computing net income there shall…
2Cases cited6 opinions
- Commissioner of Internal Revenue v. McCarthyCourt of Appeals for the Seventh Circuit · 1942
- Reporter Pub. Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1953
- Consolidated Freight Lines v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1939
- Flory Milling Co. v. CommissionerUnited States Tax Court · 1953
- Reporter Publishing Co. v. CommissionerUnited States Tax Court · 1952
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- New York Sun, Inc. v. CommissionerUnited States Tax Court · 1956