Keenan v. Commissioner
United States Board of Tax Appeals
Payment of ordinary and necessary business expenses with borrowed money does not postpone the deduction on account thereof to the year in which the borrowed money is repaid.
1Opinion of the Court
*499OPINION.
Lansdon:
The respondent asserts an aggregate deficiency for the years 1924 and 1925 in the amount of $207.39. For his cause of action the petitioner asserts that he is entitled to certain deductions from his income in each of the taxable years on account of professional expenses paid in such years.
In 1922, 1923, and 1924 the petitioner acted as an attorney for certain restricted Indians who were members of what are known as the Five Civilized Tribes. In connection with this service he incurred expenses in a total amount in excess of $6,000. To pay such expenses he borrowed money from a…
2Cited by13 opinions
- Granan v. CommissionerUnited States Tax Court · 1971
- Proesel v. CommissionerUnited States Tax Court · 1981
- Patrick v. United StatesDistrict Court, W.D. South Carolina · 1960
- Royal Oak Apartments, Inc. v. CommissionerUnited States Tax Court · 1964
- Clark v. CommissionerUnited States Tax Court · 1971
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