Fisher Cos. v. Commissioner
United States Tax Court
1. In 1974, Fisher Mills, a subsidiary of petitioner, was found guilty on a nolo contendere plea of violating sec. 1 of the Sherman Antitrust Act. No injunction was sought or obtained with respect to this violation. Subsequently American Bakeries and Interstate commenced civil actions against Fisher Mills under sec. 4 of the Clayton Act for treble damages. These civil suits were settled prior to commencement of the trial.
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1. In 1974, Fisher Mills, a subsidiary of petitioner, was found guilty on a nolo contendere plea of violating sec. 1 of the Sherman Antitrust Act. No injunction was sought or obtained with respect to this violation. Subsequently American Bakeries and Interstate commenced civil actions against Fisher Mills under sec. 4 of the Clayton Act for treble damages. These civil suits were settled prior to commencement of the trial. ITT believed it had claims against petitioner similar to those asserted by American Bakeries and Interstate, but Fisher Mills settled with ITT prior to commencement of a…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined deficiencies in petitioner’s income tax for the calendar years 1977 and 1979 in the respective amounts of $119,234 and $222,856. The issues for decision are: (1) Whether the two-thirds disallowance provision in section 162(g)1 applies to limit the deduction of payments made in 1977 by Fisher Mills, Inc., a subsidiary of petitioner, to American Bakeries Co. in the amount of $432,791.80 and to Interstate Brands Corp. in the amount of $121,500 to settle an action brought under section 4 of the Clayton Act after petitioner’s nolo contendere plea was…
2Cases cited10 opinions
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Commissioner v. TellierSupreme Court of the United States · 1966
- United States v. HendlerSupreme Court of the United States · 1938
- Bresler v. CommissionerUnited States Tax Court · 1975
- Estate of Carter v. CommissionerUnited States Tax Court · 1960
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3Cited by10 opinions
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