McDermott, Inc. v. Commissioner
United States Tax Court
P pleaded nolo contendere to one count of an indictment charging P with a violation of sec. 1 of the Sherman Act by engaging in anticompetitive conduct in marine construction, including collusive bid rigging. P later settled 60 treble damage claims in suits brought under sec. 4 of the Clayton Act.
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P pleaded nolo contendere to one count of an indictment charging P with a violation of sec. 1 of the Sherman Act by engaging in anticompetitive conduct in marine construction, including collusive bid rigging. P later settled 60 treble damage claims in suits brought under sec. 4 of the Clayton Act. Under sec. 162(g), I.R.C., if in a criminal proceeding a taxpayer is convicted of or pleads guilty or nolo contendere to a charge of an antitrust violation, two-thirds of a sec. 162(a), I.R.C. deduction is disallowed for any amount paid on any judgment or settlement of any action brought under sec.…
1Opinion of the Court
OPINION
Nims, Judge:
This matter is before the Court on petitioner’s motion for partial summary judgment and respondent’s cross-motion for partial summary judgment, both under Rule 121. (All Rule references are to the Tax Court Rules of Practice and Procedure. Except where otherwise indicated, all section references are to sections of the Internal Revenue Code in effect for the relevant years involved in this case.) The parties agree that, with one minor objection by respondent, there is no genuine issue as to any material fact and that a decision may be rendered as a matter of law.…
2Cases cited3 opinions
- United States v. BurkeSupreme Court of the United States · 1992
- Fisher Cos. v. CommissionerUnited States Tax Court · 1985
- Federal Paper Bd. Co. v. CommissionerUnited States Tax Court · 1988
3Cited by1 opinion
- McDermott, Inc. v. CommissionerUnited States Tax Court · 1993