Freedom Newspapers, Inc. v. Commissioner
United States Tax Court
In 1969 petitioner acquired four newspapers. In order to induce it to purchase one of these newspapers, petitioner ultimately received $100,000 from a third party. Held, the $100,000 received by petitioner constitutes a reduction of its basis in one of the newspapers. Brown v. Commissioner,10 B.T.A. 1036 (1928), and Federal Bulk Carriers, Inc. v. Commissioner,66 T.C. 283 (1976), affd. on other grounds, 558 F.2d 128 (2d Cir. 1977), followed.
1Opinion of the Court
FREEDOM NEWSPAPERS, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Freedom Newspapers, Inc. v. Commissioner
Docket No. 915-75.
United States Tax Court
T.C. Memo 1977-429; 1977 Tax Ct. Memo LEXIS 12; 36 T.C.M. (CCH) 1755; T.C.M. (RIA) 770429;
December 22, 1977, Filed
In 1969 petitioner acquired four newspapers. In order to induce it to purchase one of these newspapers, petitioner ultimately received $100,000 from a third party. Held, the $100,000 received by petitioner constitutes a reduction of its basis in one of the newspapers. Brown v. Commissioner,10 B.T.A. 1036 (1928), and…
2Cases cited11 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Lowe v. CommissionerUnited States Tax Court · 1965
- Boatman v. CommissionerUnited States Tax Court · 1959
- Philip Handelman and Esther Handelman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1975
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