Harman v. Commissioner
United States Tax Court
Held: On these facts the initiation fee paid to become a member of the New York Stock Exchange is an amount paid in connection with the acquisition of a capital asset. As such it represents a capital expenditure to be included as part of the cost basis of the membership.
1Opinion of the Court
Richard S. Harman and Michelle Harman, Petitioners v. Commissioner of Internal Revenue, Respondent
Harman v. Commissioner
Docket No. 1880-77
United States Tax Court
72 T.C. 362; 1979 U.S. Tax Ct. LEXIS 114;
May 21, 1979, Filed
Decision will be entered for the respondent.
Held: On these facts the initiation fee paid to become a member of the New York Stock Exchange is an amount paid in connection with the acquisition of a capital asset. As such it represents a capital expenditure to be included as part of the cost basis of the membership.
Sidney Eagle, for the petitioners.
Ellis L. Reemer, for the…
2Cases cited9 opinions
- United States v. Victor H. And Elsie Akin, Fred C. And Alice M. Kluver, E.F. And Gladys MunroeCourt of Appeals for the Tenth Circuit · 1957
- Ryman v. CommissionerUnited States Tax Court · 1969
- Heigerick v. CommissionerUnited States Tax Court · 1966
- Mercantile Nat'l Bank v. CommissionerUnited States Tax Court · 1958
- Commissioner of Internal Revenue v. Mercantile National Bank at DallasCourt of Appeals for the Fifth Circuit · 1960
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