Ashby v. Commissioner
United States Tax Court
Held, that the corporate petitioner failed to prove, pursuant to the provisions of sec. 274 (d), I.R.C. 1954, that it is entitled to deduct any greater amount than that allowed by respondent on account of expenses for entertainment.
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Held, that the corporate petitioner failed to prove, pursuant to the provisions of sec. 274 (d), I.R.C. 1954, that it is entitled to deduct any greater amount than that allowed by respondent on account of expenses for entertainment. Held, further, that the corporation is not entitled to deductions for depreciation of a pleasure boat used in connection with entertainment or for cost of repairs and maintenance of the boat, or for dues paid to certain clubs, since it has failed to prove that the boat and the clubs were used primarily for furtherance of its business, as required by sec. 274 of…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax against the corporate petitioner for the taxable years ended March 31, 1963, and March 31, 1964, in the respective amounts of $2,172.54 and $9,363.95. He determined deficiencies in income tax against the individual petitioners for the taxable years 1962 and 1963 in the respective amounts of $3,964.58 and $8,654.50.
The parties stipulated the amount of the deficiency due from the individual petitioners for the taxable year 1962 and the amount of the deficiency due from the corporate petitioner for the taxable year ended March…
2Cases cited1 opinion
- Challenge Mfg. Co. v. CommissionerUnited States Tax Court · 1962
3Cited by123 opinions
- Sanford v. CommissionerUnited States Tax Court · 1968
- Foster v. Comm'rUnited States Tax Court · 1983
- Coors v. CommissionerUnited States Tax Court · 1973
- Hynes v. CommissionerUnited States Tax Court · 1980
- Nicholls, North, Buse Co. v. CommissionerUnited States Tax Court · 1971
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