Von Hessert v. Commissioner
United States Tax Court
The corporate petitioner expended funds in the purchase of a yacht, title to which was taken by the individual petitioner who was its principal stockholder and who used it for both his personal purposes and for entertaining for the benefit of the corporation. The corporation also paid amounts for operation of, and insurance on, the yacht.
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The corporate petitioner expended funds in the purchase of a yacht, title to which was taken by the individual petitioner who was its principal stockholder and who used it for both his personal purposes and for entertaining for the benefit of the corporation. The corporation also paid amounts for operation of, and insurance on, the yacht. Held, that the individual petitioner was in receipt of a taxable dividend in the amount of the cost of the yacht; that the corporation is not entitled to deduct depreciation on the yacht; that the amounts expended by the corporation for operation of the…
1Opinion of the Court
Frederick Von Hessert and Hertha Von Hessert v. Commissioner. Fairmount Chemical Co., Inc. v. Commissioner.
Von Hessert v. Commissioner
Docket Nos. 72026, 72027.
United States Tax Court
T.C. Memo 1961-226; 1961 Tax Ct. Memo LEXIS 122; 20 T.C.M. (CCH) 1119; T.C.M. (RIA) 61226;
August 14, 1961
The corporate petitioner expended funds in the purchase of a yacht, title to which was taken by the individual petitioner who was its principal stockholder and who used it for both his personal purposes and for entertaining for the benefit of the corporation. The corporation also paid amounts for operation of,…
2Cases cited18 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Eli D. Goodstein v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Eli D. GoodsteinCourt of Appeals for the First Circuit · 1959
- American Properties, Inc. v. CommissionerUnited States Tax Court · 1957
- Irving Sachs v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1960
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