Marquardt Corp. v. Commissioner
United States Tax Court
1. In 1951, petitioner entered into a cost-plus-fixed-fee contract with Boeing. Article 6(c) of that contract authorized petitioner to expend sums and record fees in the total amount of $ 1,400,000. It was provided that Boeing, in its sole discretion, might subsequently increase the foregoing amount.
Read the full summary
1. In 1951, petitioner entered into a cost-plus-fixed-fee contract with Boeing. Article 6(c) of that contract authorized petitioner to expend sums and record fees in the total amount of $ 1,400,000. It was provided that Boeing, in its sole discretion, might subsequently increase the foregoing amount. As of December 31, 1953, Boeing had increased this amount to $ 6,750,000. Notwithstanding the foregoing limitation, petitioner expended sums and recorded fees in excess of the authorized figure. The contract provided that Boeing would not be obligated to pay petitioner, either for reimbursement…
1Opinion of the Court
The Marquardt Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Marquardt Corp. v. Commissioner
Docket No. 74983
United States Tax Court
39 T.C. 443; 1962 U.S. Tax Ct. LEXIS 20;
November 27, 1962, Filed
Decision will be entered under Rule 50.
1. In 1951, petitioner entered into a cost-plus-fixed-fee contract with Boeing. Article 6(c) of that contract authorized petitioner to expend sums and record fees in the total amount of $ 1,400,000. It was provided that Boeing, in its sole discretion, might subsequently increase the foregoing amount. As of December 31, 1953, Boeing had…
2Cases cited27 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Brown v. HelveringSupreme Court of the United States · 1934
22 more not listed; retrieve them via the Exa API.