Hogan v. Commissioner
United States Tax Court
1. Petitioner received a 15 percent commission from fiscal agents on sales made by him of stock in a corporation in which he was interested. In order to get his mother-in-law and a nurse in his home to purchase some of the stock, he guaranteed them against loss. When called upon to make good under his guaranties, he gave them notes evidencing his liability and made payments and renewed the notes from time to time.
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1. Petitioner received a 15 percent commission from fiscal agents on sales made by him of stock in a corporation in which he was interested. In order to get his mother-in-law and a nurse in his home to purchase some of the stock, he guaranteed them against loss. When called upon to make good under his guaranties, he gave them notes evidencing his liability and made payments and renewed the notes from time to time. Held, the payments made in the taxable years are deductible losses. Frank G. Hogan, 35 B.T.A. 26, distinguished. 2. Accountant's and attorneys' fees for preparing income tax…
1Opinion of the Court
OPINION.
Arnold, Judge-.
We have here under review respondent’s disallowance of several items claimed and deducted by petitioner upon his income tax returns for 1938 and 1939. The first of these items consists of payments totaling $1,150 in 1938 and $250 in 1939 to make good upon petitioner’s guaranties to two purchasers of stock in the Hogan Finance & Mortgage Co. Petitioner contends that these payments are deductible as losses, under section 23 (e) of the Revenue Act of 1938 and the Internal Revenue Code or, alternatively, as expenses, under section 23 (a) of the same statutes, as amended by…
2Cases cited7 opinions
- McFaddin v. CommissionerUnited States Tax Court · 1943
- Coffey v. CommissionerUnited States Tax Court · 1943
- Willmott v. CommissionerUnited States Tax Court · 1943
- Camp Mfg. Co. v. CommissionerUnited States Tax Court · 1944
- National Engraving Co. v. CommissionerUnited States Tax Court · 1944
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Max Putnam and Elizabeth Putnam v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1955
- California and Hawaiian Sugar Refining Corporation, Limited v. The United StatesUnited States Court of Claims · 1962
- Bodholdt v. CommissionerUnited States Tax Court · 1961
- California and Hawaiian Sugar Refining Corporation, Limited v. The United StatesUnited States Court of Claims · 1962
- Capps v. CommissionerUnited States Tax Court · 1955
3 more not listed; retrieve them via the Exa API.