Buddy Schoellkopf Products, Inc. v. Commissioner
United States Tax Court
Petitioner is a Texas corporation engaged in the development, manufacture, and sale of various products for the outdoorsman. During the 1968 fiscal year, petitioner paid legal fees in connection with the acquisition of assets from Brunswick Corp. These assets included inventory, equipment, and trade names. Held, the portion of legal fees incurred by petitioner which is attributable to trade names must be capitalized. The remainder of these fees are currently deductible.
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Petitioner is a Texas corporation engaged in the development, manufacture, and sale of various products for the outdoorsman. During the 1968 fiscal year, petitioner paid legal fees in connection with the acquisition of assets from Brunswick Corp. These assets included inventory, equipment, and trade names. Held, the portion of legal fees incurred by petitioner which is attributable to trade names must be capitalized. The remainder of these fees are currently deductible. In order to finance the acquisition from Brunswick, petitioner secured a loan from Prudential. Petitioner had a loan with…
1Opinion of the Court
Buddy Schoellkopf Products, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Buddy Schoellkopf Products, Inc. v. Commissioner
Docket No. 8117-73
United States Tax Court
65 T.C. 640; 1975 U.S. Tax Ct. LEXIS 2;
December 31, 1975, Filed
Decision will be entered under Rule 155.
Petitioner is a Texas corporation engaged in the development, manufacture, and sale of various products for the outdoorsman. During the 1968 fiscal year, petitioner paid legal fees in connection with the acquisition of assets from Brunswick Corp. These assets included inventory, equipment, and trade names. Held,…
2Cases cited23 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Sanford v. CommissionerUnited States Tax Court · 1968
- William F. Sanford v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1969
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