Tomlinson v. Commissioner
United States Tax Court
Petitioners, as partners in JBL&K, an insurance agency, purchased all of the stock of Schmeer Insurance Agency, Inc., a corporation engaged in the insurance brokerage business, primarily writing insurance in connection with a bank's consumer loan business, and the entire assets of Schmeer partnership, a general insurance agency.
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Petitioners, as partners in JBL&K, an insurance agency, purchased all of the stock of Schmeer Insurance Agency, Inc., a corporation engaged in the insurance brokerage business, primarily writing insurance in connection with a bank's consumer loan business, and the entire assets of Schmeer partnership, a general insurance agency. Subsequently, the two businesses were liquidated and JBL&K received all of their assets, including goodwill, insurance expiration lists, and a loss-experience record, and utilized them in the operation of its business. Held, the determination whether the insurance…
1Opinion of the Court
Drennen, Judge:
Respondent determined deficiencies in the income taxes of petitioners as follows:
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Because of common issues, the cases were consolidated for trial. The question presented for our decision is whether certain intangible assets, i.e., insurance expirations and a loss experience record, are subject to depreciation; or whether, in the alternative, the expira-tions, specifically, can be deducted as business losses in the year they expire and are not renewed.
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation of facts and attached exhibits are…
2Cases cited19 opinions
- Michaels v. CommissionerUnited States Tax Court · 1949
- Richard M. Boe and Mary Lots Boe v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
- Commissioner of Internal Revenue v. Seaboard Finance Company, Seaboard Finance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Ninth Circuit · 1966
- Manhattan Co. of Virginia, Inc. v. CommissionerUnited States Tax Court · 1968
- Boe v. CommissionerUnited States Tax Court · 1961
14 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Richard S. Miller & Sons, Inc. v. United StatesUnited States Court of Claims · 1976
- Federal Nat'l Mortg. Asso. v. CommissionerUnited States Tax Court · 1988
- Baldarelli v. CommissionerUnited States Tax Court · 1973
- Cottage Sav. Asso. v. CommissionerUnited States Tax Court · 1988
- Durovic v. CommissionerUnited States Tax Court · 1975
7 more not listed; retrieve them via the Exa API.