Boagni v. Commissioner
United States Tax Court
Petitioner incurred expenses in two legal proceedings: (1) a declaratory judgment suit in which certain members of petitioner's family sought a determination that they owned 29 percent of an overriding royalty interest; and (2) a concursus action in which an oil company sought directions as to the disposition of proceeds of oil produced from property in which petitioner and members of his family held interests.
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Petitioner incurred expenses in two legal proceedings: (1) a declaratory judgment suit in which certain members of petitioner's family sought a determination that they owned 29 percent of an overriding royalty interest; and (2) a concursus action in which an oil company sought directions as to the disposition of proceeds of oil produced from property in which petitioner and members of his family held interests. Held, the portion of the legal expenses allocable to the declaratory judgment action is a nondeductible capital expenditure within the meaning of sec. 263(a), I.R.C. 1954, and the…
1Opinion of the Court
Vincent Boagni, Jr., Petitioner v. Commissioner of Internal Revenue, Respondent
Boagni v. Commissioner
Docket No. 4969-71
United States Tax Court
59 T.C. 708; 1973 U.S. Tax Ct. LEXIS 168; 59 T.C. No. 70;
February 28, 1973, Filed
Decision will be entered under Rule 50.
Petitioner incurred expenses in two legal proceedings: (1) a declaratory judgment suit in which certain members of petitioner's family sought a determination that they owned 29 percent of an overriding royalty interest; and (2) a concursus action in which an oil company sought directions as to the disposition of proceeds of oil…
2Cases cited24 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- United States v. GilmoreSupreme Court of the United States · 1963
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Trust Under the Will of Bingham v. CommissionerSupreme Court of the United States · 1945
- Woodward v. CommissionerSupreme Court of the United States · 1970
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