McDermott, Inc. v. Commissioner
United States Tax Court
P pleaded nolo contendere to one count of an indictment charging P with a violation of sec. 1 of the Sherman Act by engaging in anticompetitive conduct in marine construction, including collusive bid rigging. P later settled 60 treble damage claims in suits brought under sec. 4 of the Clayton Act.
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P pleaded nolo contendere to one count of an indictment charging P with a violation of sec. 1 of the Sherman Act by engaging in anticompetitive conduct in marine construction, including collusive bid rigging. P later settled 60 treble damage claims in suits brought under sec. 4 of the Clayton Act. Under sec. 162(g), I.R.C., if in a criminal proceeding a taxpayer is convicted of or pleads guilty or nolo contendere to a charge of an antitrust violation, two-thirds of a sec. 162(a), I.R.C. deduction is disallowed for any amount paid on any judgment or settlement of any action brought under sec.…
1Opinion of the Court
McDermott Incorporated, Petitioner v. Commissioner of Internal Revenue, Respondent
McDermott, Inc. v. Commissioner
Docket No. 39999-86
United States Tax Court
101 T.C. 155; 1993 U.S. Tax Ct. LEXIS 51; 101 T.C. No. 10; 1993-2 Trade Cas. (CCH) P70,342;
July 29, 1993, Filed
An appropriate order will be issued granting petitioner's motion for partial summary judgment in part and denying such motion in part and granting respondent's cross-motion for partial summary judgment in part and denying such motion in part.
P pleaded nolo contendere to one count of an indictment charging P with a violation of sec.…
2Cases cited4 opinions
- United States v. BurkeSupreme Court of the United States · 1992
- Fisher Cos. v. CommissionerUnited States Tax Court · 1985
- Federal Paper Bd. Co. v. CommissionerUnited States Tax Court · 1988
- McDermott, Inc. v. CommissionerUnited States Tax Court · 1993