Herrick v. Commissioner
United States Tax Court
Petitioner executed the required paperwork to acquire a TireSaver (a tire pressure monitoring system) distributorship. Petitioner also elected to distribute the combination TireSaver and radar detector system.
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Petitioner executed the required paperwork to acquire a TireSaver (a tire pressure monitoring system) distributorship. Petitioner also elected to distribute the combination TireSaver and radar detector system. Petitioner delivered: (1) A check, in the amount of $ 36,834.99, as payment of the acquisition fee ($ 35,233.47), and the promotional expense for 1978 ($ 1,601.52); (2) a $ 147,339.97 nonrecourse promissory note as payment of the annual use fee for 1978; (3) a $ 36,834.99 nonrecourse promissory note as partial payment (two-thirds) of the annual use fee for 1979; (4) a $ 17,616.74…
1Opinion of the Court
Kórner, Judge-.
Respondent determined the following deficiencies in petitioners’ Federal income taxes:
TYE Dec. 31— Deficiency
1978 $61,684.88
1979 13.491.35
Total . 75,176.23
The issues for decision are whether petitioners are entitled to deduct depreciation or amortization expenses, interest expenses, and "annual use fees” in connection with an alleged new retail distributorship business.
Some of the facts have been stipulated and are so found. The stipulation of facts, supplemental stipulation of facts, and exhibits attached thereto are incorporated herein by this reference.
FINDINGS OF FACT
Donald…
2Cases cited27 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- United States v. AndersonSupreme Court of the United States · 1926
- Crane v. CommissionerSupreme Court of the United States · 1947
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Dreicer v. CommissionerUnited States Tax Court · 1982
22 more not listed; retrieve them via the Exa API.
3Cited by89 opinions
- Beck v. CommissionerUnited States Tax Court · 1985
- Rose v. CommissionerUnited States Tax Court · 1987
- Antonides v. CommissionerUnited States Tax Court · 1988
- Waddell v. CommissionerUnited States Tax Court · 1986
- Jackson v. CommissionerUnited States Tax Court · 1986
84 more not listed; retrieve them via the Exa API.