Levenson & Klein, Inc. v. Commissioner
United States Tax Court
Held, based on all the facts presented, compensation paid by petitioner Levenson & Klein, Inc., to its president/chairman of the board was reasonable. Held, further, rent paid by Levenson & Klein, Inc., for its Route 40 West store determined to be an ordinary and necessary business expense required to be paid as a condition for the continued use and possession of the premises.
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Held, based on all the facts presented, compensation paid by petitioner Levenson & Klein, Inc., to its president/chairman of the board was reasonable. Held, further, rent paid by Levenson & Klein, Inc., for its Route 40 West store determined to be an ordinary and necessary business expense required to be paid as a condition for the continued use and possession of the premises. Held, further, deductibility of the corporation's legal and professional fees determined; such fees not constituting preferential dividends to petitioners William and Gloria Levenson.
1Opinion of the Court
Levenson and Klein, Incorporated, Petitioner v. Commissioner of Internal Revenue, Respondent; William I. Levenson and Gloria Levenson, Petitioners v. Commissioner of Internal Revenue, Respondent
Levenson & Klein, Inc. v. Commissioner
Docket Nos. 4060-75, 4061-75
United States Tax Court
67 T.C. 694; 1977 U.S. Tax Ct. LEXIS 163;
January 24, 1977, Filed
Decision will be entered under Rule 155 in docket No. 4060-75.
Decision will be entered for petitioners in docket No. 4061-75.
Held, based on all the facts presented, compensation paid by petitioner Levenson & Klein, Inc., to its president/chairman of…
2Cases cited17 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Mayson Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1949
- Place v. CommissionerUnited States Tax Court · 1951
- Pepsi--Cola Bottling Company of Salina, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1976
- Pepsi-Cola Bottling Co. v. CommissionerUnited States Tax Court · 1974
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