B. T. Harris Corp. v. Commissioner
United States Tax Court
Ordinary and Necessary Expenses -- Legal Fees Paid by Corporation in Suit by Stockholders. -- Amounts paid by the petitioner corporation, representing legal fees of all parties to a stockholders' suit against petitioner corporation and its directors brought to rescind acts of the directors with respect to salary allowances and issuance of stock, in which suit settlement was effected with approval of the trial court, held to be ordinary and necessary business expenses of the…
Read the full summary
Ordinary and Necessary Expenses -- Legal Fees Paid by Corporation in Suit by Stockholders. -- Amounts paid by the petitioner corporation, representing legal fees of all parties to a stockholders' suit against petitioner corporation and its directors brought to rescind acts of the directors with respect to salary allowances and issuance of stock, in which suit settlement was effected with approval of the trial court, held to be ordinary and necessary business expenses of the petitioner.
1Opinion of the Court
B. T. Harris Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
B. T. Harris Corp. v. Commissioner
Docket No. 55088
United States Tax Court
30 T.C. 635; 1958 U.S. Tax Ct. LEXIS 158;
June 18, 1958, Filed
Decision will be entered under Rule 50.
Ordinary and Necessary Expenses -- Legal Fees Paid by Corporation in Suit by Stockholders. -- Amounts paid by the petitioner corporation, representing legal fees of all parties to a stockholders' suit against petitioner corporation and its directors brought to rescind acts of the directors with respect to salary allowances and issuance of…
2Cases cited10 opinions
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Bishop v. CommissionerUnited States Tax Court · 1956
- Holthusen v. Edward G. Budd Mfg. Co.District Court, E.D. Pennsylvania · 1944
- Shoe Corp. of America v. CommissionerUnited States Tax Court · 1957
5 more not listed; retrieve them via the Exa API.