Odorono Co. v. Commissioner
United States Board of Tax Appeals
Attorney fees paid by corporations A and B in connection with the sale, in a nontaxable transaction, of their assets and business to corporation C are not deductible by corporations A and B, either as ordinary and necessary expenses of that year, or as losses incurred upon their dissolution within the taxable year.
1Opinion of the Court
*1357OPINION.
Smith :
The petitioners contend, first, that the amounts which they paid to their attorney in 1928 for legal services performed in connection with the transfer of their assets to the Northam Warren Corporation are deductible as ordinary and necessary business expenses of that year, under the provisions of section 23 (a) of the Revenue Act of 1928. This section of the statute permits a deduction from gross income in computing net income of “All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable…
2Cited by15 opinions
- Denver & R. G. W. R. Co. v. CommissionerUnited States Tax Court · 1962
- Firemen's Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Commercial Inv. Trust Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- McGlothlin v. CommissionerUnited States Tax Court · 1965
- Niagara Share Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
10 more not listed; retrieve them via the Exa API.