Thoms v. Commissioner
United States Tax Court
Petitioner purchased a going, general insurance agency business including the goodwill and list of insurance expirations and all other intangible assets utilized by the seller in the operation of the business for the sum of $ 10,500. Held, the list of insurance expirations was a part of the goodwill and it had an indefinite useful life and petitioner was not entitled to an allowance for depreciation with respect to the purchase of said intangible property.
1Opinion of the Court
Mulroney, Judge:
Respondent determined deficiencies in petitioner’s income tax for the years 1961 and 1962 in the respective amounts of $698.49 and $4,275.10.
The issue is whether the insurance customer list, or as we will sometimes call it, the list of expirations, which was included in petitioner’s purchase of a going insurance business can be the subject of a depreciation allowance under section 167 (a) (1), I.R.C. 1954.1
FINDINGS OF FACT
Some of the facts were stipulated and they are so. found.
Petitioner was a resident of Detroit, Mich., at the time his petition herein was filed. He filed his…
2Cases cited12 opinions
- In Re the Accounting of BrownNew York Court of Appeals · 1926
- Thrifiticheck Service Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
- Commissioner of Internal Revenue v. Maurice L. KillianCourt of Appeals for the Fifth Circuit · 1963
- Thrifticheck Service Corp. v. CommissionerUnited States Tax Court · 1960
- J. L. Cooper & Co. v. Anchor Securities Co.Washington Supreme Court · 1941
7 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Houston Chronicle Publishing Company, Plaintiff-Appellee-Cross v. United States of America, Defendant-Appellant-CrossCourt of Appeals for the Fifth Circuit · 1973
- Marsh & McLennan Incorporated v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1969
- Richard S. Miller & Sons, Inc. v. United StatesUnited States Court of Claims · 1976
- Marsh & McLennan, Inc. v. CommissionerUnited States Tax Court · 1968
- Union Bankers Ins. Co. v. CommissionerUnited States Tax Court · 1975
29 more not listed; retrieve them via the Exa API.