Times Publishing Co. v. Commissioner
United States Tax Court
In 1943 petitioner's employees entered into an agreement with one another establishing the Erie Times Employees Benefit and Pension Fund. The agreement provided that an employee would be eligible to participate in the fund if he had completed 20 years of continuous service and had contributed to the fund for five years. In the event of an employee's death or termination of service, for any reason, he was entitled only to a bare refund of his own contribution.
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In 1943 petitioner's employees entered into an agreement with one another establishing the Erie Times Employees Benefit and Pension Fund. The agreement provided that an employee would be eligible to participate in the fund if he had completed 20 years of continuous service and had contributed to the fund for five years. In the event of an employee's death or termination of service, for any reason, he was entitled only to a bare refund of his own contribution. The agreement established no pension plan, but contemplated the establishment of a plan after five years. In 1944 and 1945 petitioner…
1Opinion of the Court
OPINION.
Black, Judge:
The issue presented in this proceeding is whether the $10,000 and $2,500 contributions of petitioner in 1944 and 1945, respectively, to the Erie Times Employees Benefit and Pension Fund are allowable deductions from petitioner’s gross income. Petitioner contends that these deductions are allowable as an ordinary and necessary expense under section 23 (a) (1) (A) of the Internal Revenue Code.1 Respondent contends that these contributions, if allowable at all, must first come within section 23 (p) of the Code2 and that section 23 (p) expressly prohibits the deduction of…
2Cases cited6 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Clifford F. MacEvoy Co. v. United States Ex Rel. Calvin Tomkins Co.Supreme Court of the United States · 1944
- D. Ginsberg & Sons, Inc. v. PopkinSupreme Court of the United States · 1932
- United States v. ChaseSupreme Court of the United States · 1890
- Surface Combustion Corp. v. CommissionerUnited States Tax Court · 1947
1 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Albertson's, Inc. v. CommissionerUnited States Tax Court · 1990
- 555, Inc. v. CommissionerUnited States Tax Court · 1950
- Wesley Heat Treating Co. v. CommissionerUnited States Tax Court · 1958
- William M. Bailey Co. v. CommissionerUnited States Tax Court · 1950
- Russell Manufacturing Company v. United StatesUnited States Court of Claims · 1959
21 more not listed; retrieve them via the Exa API.