United States & Thrift Corp. v. Commissioner
United States Tax Court
Petitioner in Docket No. 67399, on November 1, 1950, and October 7, 1952, entered into two contracts for the purchase of assets of two small loan companies, and in each contract a separate consideration was allocated ($ 23,397 and $ 4,750, respectively) to a covenant not to compete with the businesses purchased by petitioner within the Tulsa, Oklahoma, area for a designated number of years.
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Petitioner in Docket No. 67399, on November 1, 1950, and October 7, 1952, entered into two contracts for the purchase of assets of two small loan companies, and in each contract a separate consideration was allocated ($ 23,397 and $ 4,750, respectively) to a covenant not to compete with the businesses purchased by petitioner within the Tulsa, Oklahoma, area for a designated number of years. After executing said contracts, petitioner did not advertise that it was the successor of the vendors nor did it ever use the trade name of either of the vendors in any connection with the operation of its…
1Opinion of the Court
Fisher, Judge:
This consolidated proceeding involves deficiencies determined against petitioners as follows:
Docket No. Petitioner Taxable year ended Income tax deficiency
67399- United Finance & Thrift Corpora- Dec. 31, 1952_. $3,350.41 tion of Tulsa County.
67398- United Finance & Thrift Corpora- Sept. 30, 1953__ 1, 917. 27 tion of Tulsa.
The principal issues presented for our decision herein are : (1) Whether and to what extent petitioner in Docket No. 67399 is entitled to amortize the cost of two separate purported covenants not to compete in the small loan business in Tulsa, Oklahoma, during…
2Cases cited8 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Hamlin's Trust v. Commissioner of Internal Revenue. Nowel's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1954
- Horton v. CommissionerUnited States Tax Court · 1949
- Commissioner of Internal Revenue v. Proctor ShopCourt of Appeals for the Ninth Circuit · 1936
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3Cited by30 opinions
- Manhattan Co. of Virginia, Inc. v. CommissionerUnited States Tax Court · 1968
- Lemery v. CommissionerUnited States Tax Court · 1969
- Levinson v. CommissionerUnited States Tax Court · 1966
- Rich Hill Ins. Agency, Inc. v. CommissionerUnited States Tax Court · 1972
- Yates Industries, Inc. v. CommissionerUnited States Tax Court · 1972
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