Legal Opinion
Portland Gasoline Co. v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided April 8, 1950No. 12978PublishedCited by 14 opinions
1Opinion of the Court
McCORD, Circuit Judge.
This appeal involves an alleged deficiency in excess profits and declared value excess profits taxes for the year 1943. Jurisdiction is here invoked under Section 1141 (a) of the Internal Revenue Code, as amended, Title 26 U.S.C.A. § 1141(a).
The question presented is whether the sum of $10,000 paid by taxpayer on a certain note in 1943 is deductible from its gross income as an ordinary and necessary business expense under Section 23(a) (1) (A) of the Internal Revenue Code, 26 U.S. C.A. § 23(a) (1) (A), or as a loss under Section 23(f) of the Code, 26 U.S.C.A. § 23(f). 1
Th…
2Cases cited10 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Interstate Transit Lines v. CommissionerSupreme Court of the United States · 1943
- McDonald v. CommissionerSupreme Court of the United States · 1944
- Hales-Mullaly, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1942
5 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- United States v. Philip K. Smith, United States of America v. McIver & Smith Fabricators, Inc.Court of Appeals for the Fifth Circuit · 1969
- David R. Webb Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1983
- David R. Webb Co. v. CommissionerUnited States Tax Court · 1981
- Family Group, Inc. v. CommissionerUnited States Tax Court · 1973
- Ill. Tool Works v. Comm'rUnited States Tax Court · 2001
9 more not listed; retrieve them via the Exa API.