First Northwest Industries, Inc. v. Commissioner
United States Tax Court
In January 1967, NBA board of governors granted petitioner an expansion franchise to operate a professional basketball team in Seattle for $ 1,750,000, $ 150,000 of which was allocated to rights, privileges, and benefits attributable to franchise holder and $ 1,600,000 to rights to participate in special expansion veteran draft and college draft.
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In January 1967, NBA board of governors granted petitioner an expansion franchise to operate a professional basketball team in Seattle for $ 1,750,000, $ 150,000 of which was allocated to rights, privileges, and benefits attributable to franchise holder and $ 1,600,000 to rights to participate in special expansion veteran draft and college draft. The expansion draft provided petitioner with the right to select 15 players out of pool of 50. College draft rights included certain specified selections in college draft preceding petitioner's first season of play and participation in all post-1967…
1Opinion of the Court
First Northwest Industries of America, Inc., Successor in Interest to Seattle Supersonics Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
First Northwest Industries, Inc. v. Commissioner
Docket No. 8899-73
United States Tax Court
70 T.C. 817; 1978 U.S. Tax Ct. LEXIS 64;
September 6, 1978, Filed
Decision will be entered under Rule 155.
In January 1967, NBA board of governors granted petitioner an expansion franchise to operate a professional basketball team in Seattle for $ 1,750,000, $ 150,000 of which was allocated to rights, privileges, and benefits attributable to…
Also in this document: Dissent.
2Cases cited31 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Lewis Thurston Anderson and Clyde Velma Anderson, Lewis Thurston Anderson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Richard M. Boe and Mary Lots Boe v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
- Houston Chronicle Publishing Company, Plaintiff-Appellee-Cross v. United States of America, Defendant-Appellant-CrossCourt of Appeals for the Fifth Circuit · 1973
- Commissioner of Internal Revenue v. Seaboard Finance Company, Seaboard Finance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Ninth Circuit · 1966
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