Std. Brass & Mfg. Co. v. Comm'r
United States Tax Court
The amount by which petitioner's indebtedness for royalties was reduced, pursuant to prolonged negotiations conducted under a contractual provision therefor, was not a gift to the debtor of the amount agreed upon as excessive, and having been deducted in prior years as business expenses, resulted in realization of taxable income to petitioner.
1Opinion of the Court
Standard Brass & Manufacturing Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Std. Brass & Mfg. Co. v. Comm'r
Docket No. 35644
United States Tax Court
1953 U.S. Tax Ct. LEXIS 159; 97 U.S.P.Q. (BNA) 504; 20 T.C. 371;
May 18, 1953, Promulgated
Decision will be entered for the respondent.
The amount by which petitioner's indebtedness for royalties was reduced, pursuant to prolonged negotiations conducted under a contractual provision therefor, was not a gift to the debtor of the amount agreed upon as excessive, and having been deducted in prior years as business expenses, resulted in…
2Cases cited1 opinion
- Std. Brass & Mfg. Co. v. Comm'rUnited States Tax Court · 1953