Legal Opinion
Lincoln Savings and Loan Association v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided March 18, 1970No. 23923PublishedCited by 17 opinions
1Opinion of the Court
THOMPSON, District Judge:
We are asked to review a determination by the Tax Court. A deduction of $882,636.86 from Appellant’s gross income for 1963 was contested. The Tax Court held that Appellant’s payment, made for inclusion in the Secondary Reserve Account of the Federal Savings and Loan Insurance Corporation (FSLIC) resulted in the acquisition of a capital asset rather than constituting an ordinary and necessary business expense deductible in the year paid as contemplated by 26 U.S.C. § 162(a).
Jurisdiction and scope of review are governed by 26 U.S.C. § 7482.
The Tax Court, in its…
2Cases cited16 opinions
- Skidmore v. Swift & Co.Supreme Court of the United States · 1944
- United States v. AndersonSupreme Court of the United States · 1926
- James v. United StatesSupreme Court of the United States · 1961
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Commissioner v. TellierSupreme Court of the United States · 1966
11 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Commissioner v. Lincoln Savings & Loan Ass'nSupreme Court of the United States · 1971
- Boyer v. CommissionerUnited States Tax Court · 1977
- Idaho Power Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1973
- Brownholtz v. CommissionerUnited States Tax Court · 1978
- Marian A. Byrum, Under the Last Will and Testament of Milliken C. Byrum, Deceased v. United StatesCourt of Appeals for the Sixth Circuit · 1971
12 more not listed; retrieve them via the Exa API.