Freeman v. Commissioner
United States Tax Court
Petitioner, owner of an electrical fixture supply company, instituted suit under the Federal antitrust laws against certain distributors of electrical equipment and contractors charging loss of profits and injury to his business and property during the years 1946 through 1950, inclusive. The complaint prayed for treble damages under the so-called Clayton Act.
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Petitioner, owner of an electrical fixture supply company, instituted suit under the Federal antitrust laws against certain distributors of electrical equipment and contractors charging loss of profits and injury to his business and property during the years 1946 through 1950, inclusive. The complaint prayed for treble damages under the so-called Clayton Act. In 1953, before trial, there was a compromise settlement under which petitioner received a lump sum of $ 32,000, for which he executed a release in full satisfaction of all actual or statutory damages, costs, attorney fees, and matters…
1Opinion of the Court
FINDINGS OF FACT.
Fisher, Judge:
Petitioners, Ralph and Grace Freeman, are husband and wife, residing at 1619 Edgecumbe Road, St. Paul, Minnesota.
For the taxable year December 31, 1953, petitioners filed a joint Federal income tax return with the district director of internal revenue for the district of Minnesota. Ralph Freeman, hereinafter called petitioner, is an individual doing business as the Freeman Electric Supply Company, which was known as the Freeman Electric Company during the late 1940’s and early 1950’s. Business operations of Freeman Electric Company consisted primarily of the…
2Cases cited15 opinions
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- Durkee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1947
- H. Liebes & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1937
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