Davis v. Commissioner
United States Tax Court
Selling commissions paid in connection with the disposition of securities by one not engaged in carrying on a trade or business, are not ordinary and necessary expenses within the meaning of section 23 (a) (2) of the Internal Revenue Code. They are selling costs treated as an offset against the selling price in determining gain or loss incident to the transaction.
1Opinion of the Court
Don A. Davis, Petitioner, v. Commissioner of Internal Revenue, Respondent
Davis v. Commissioner
Docket No. 105108
United States Tax Court
4 T.C. 329; 1944 U.S. Tax Ct. LEXIS 21;
November 17, 1944, Promulgated
Decision will be entered for the respondent.
Selling commissions paid in connection with the disposition of securities by one not engaged in carrying on a trade or business, are not ordinary and necessary expenses within the meaning of section 23 (a) (2) of the Internal Revenue Code. They are selling costs treated as an offset against the selling price in determining gain or loss incident to…
2Cases cited5 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Spreckels v. CommissionerSupreme Court of the United States · 1942
- Higgins v. CommissionerUnited States Tax Court · 1943
- Davis v. CommissionerUnited States Tax Court · 1944