Blumenthal v. Commissioner
United States Tax Court
1. Legal expenses paid in 1956 and 1957 were directly related to petitioner's acquisition of an interest in a corporation, and cannot be deducted from ordinary income. 2. No "Bad Debt" deductions are allowable as to loans that are worthless when made.
1Opinion of the Court
I. D. Blumenthal and Madolyn C. Blumenthal v. Commissioner.
Blumenthal v. Commissioner
Docket No. 89904.
United States Tax Court
T.C. Memo 1963-269; 1963 Tax Ct. Memo LEXIS 75; 22 T.C.M. (CCH) 1360; T.C.M. (RIA) 63269;
September 30, 1963
1. Legal expenses paid in 1956 and 1957 were directly related to petitioner's acquisition of an interest in a corporation, and cannot be deducted from ordinary income.
2. No "Bad Debt" deductions are allowable as to loans that are worthless when made.
Richard E. Thigpen, 129 West Trade St., Charlotte, N.C. and Richard E. Thigpen, Jr., for the petitioners. Wallace E.…
2Cases cited20 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- United States v. GilmoreSupreme Court of the United States · 1963
- Avery v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1927
- Dwight A. Ward v. Commissioner of Internal Revenue, Hanna P. Ward v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Bowers v. LumpkinCourt of Appeals for the Fourth Circuit · 1944
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