Clarence Whitman & Sons, Inc. v. Commissioner
United States Board of Tax Appeals
1. Legal and accounting fees paid in connection with organizing a corporation held not to be deductible as ordinary and necessary expenses in computing income of the year when paid. 2. Taxes paid in connection with the organization of a corporation and the issue of its capital stock held to be deductible in computing net income for the year when such payment was made. 3. Under section 331 of the Revenue Acts of 1918 and 1921, assets acquired by a corporation from an…
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1. Legal and accounting fees paid in connection with organizing a corporation held not to be deductible as ordinary and necessary expenses in computing income of the year when paid. 2. Taxes paid in connection with the organization of a corporation and the issue of its capital stock held to be deductible in computing net income for the year when such payment was made. 3. Under section 331 of the Revenue Acts of 1918 and 1921, assets acquired by a corporation from an individual who retains ownership of more than 50 per centum of its stock may not be included in its invested capital at more…
1Opinion of the Court
CLARENCE WHITMAN & SONS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Clarence Whitman & Sons, Inc. v. Commissioner
Docket Nos. 10316, 15888.
United States Board of Tax Appeals
11 B.T.A. 1192; 1928 BTA LEXIS 3661;
May 7, 1928, Promulgated
1. Legal and accounting fees paid in connection with organizing a corporation held not to be deductible as ordinary and necessary expenses in computing income of the year when paid.
2. Taxes paid in connection with the organization of a corporation and the issue of its capital stock held to be deductible in computing net income for the year…
2Cases cited1 opinion
- Clarence Whitman & Sons, Inc. v. CommissionerUnited States Board of Tax Appeals · 1928