Legal Opinion
James E. Anderson and Alice Anderson v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided June 14, 1973No. 72-1210PublishedCited by 32 opinions
1Opinion of the Court
CUMMINGS, Circuit Judge.
This appeal involves an asserted $21,897.64 deficiency in income taxes for 1966. The question is whether taxpayer’s payments made to satisfy an apparent liability under Section 16(b) of the Securities Exchange Act of 1934 (15 U. S.C. § 78p(b)), which requires a corporate insider to surrender to his employer profit from short-swing trading in the corporation’s stock, are to be treated as a long-term capital loss or as ordinary and necessary business expense deductible under Section 162(a) of the Internal Revenue Code of 1954. With Judges Dawson and Quealy dissenting,…
2Cases cited13 opinions
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
- Kern County Land Co. v. Occidental Petroleum Corp.Supreme Court of the United States · 1973
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Tank Truck Rentals, Inc. v. CommissionerSupreme Court of the United States · 1958
8 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Whittaker v. Whittaker Corp.Court of Appeals for the Ninth Circuit · 1981
- Kolom v. Comm'rUnited States Tax Court · 1978
- Aaron L. Kolom and Serita Kolom v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1981
- Gould v. CommissionerUnited States Tax Court · 1975
- Shinefeld v. CommissionerUnited States Tax Court · 1976
27 more not listed; retrieve them via the Exa API.