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Deputy Vs. Du Pont
Cites for this judgment
- US Supreme Court
- Jan 08, 1940
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Court of Appeals. 103 F.2d 257. We granted certiorari because of the asserted inconsistency of that ruling with Welch v. HelveringSearch
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and with Burnet v. ClarkSearch
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that would entail. For we are of the opinion that the deductions are not permitted either within the rule of Burnet v. ClarkSearch
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or Welch v. HelveringSearch
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falls for two reasons. In the first place, the payments in question do not meet the test enunciated in Kornhauser v. UnitedSearch
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posture of the case, these payments are no more deductible than were the payments made by the stockholder in Burnet v. ClarkSearch
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which were intended to preserve his investment in the corporation. Similar payments were disallowed in Dalton v. BowersSearch
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customary. To be sure, an expense may be ordinary though it happen but once in the taxpayer's lifetime. Cf. Kornhauser v. UnitedSearch
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transaction which gives rise to it must be of common or frequent occurrence in the type of business involved. Welch v. HelveringSearch
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assists his corporation in financing stock purchase plans for the benefit of its executives. As stated in Welch v. HelveringSearch
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as did the claim of an officer of a corporation who paid its debts to strengthen his own standing and credit. Welch v. HelveringSearch
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expenses may be deducted. Though plainly necessary, they cannot be allowed unless they are also ordinary. Welch v. HelveringSearch
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s alleged business, it was error for the Circuit Court of Appeals to reverse the judgment for petitioners. McCaughn v. RealSearch
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In Old Colony R. Co. v. CommissionerSearch
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See Lynch v. Alworth-StephensSearch
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throughout have referred to these payments by respondent as being capital in nature. Cf. Bonwit Teller & Co. v. CommissionerSearch
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Hutton v. CommissionerSearch
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Bing v. HelveringSearch
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over this sum through transactions in General Motors stock which ultimately yielded him a great profit. See du Pont v. CommissionerSearch
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Dart v. CommissionerSearch
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F.2d 845. Cf. Terbell v. CommissionerSearch
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has been used to describe damages or compensation for the detention or use of money or of property. See United States v. NorthSearch
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Welch v. HelveringSearch
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Burnet v. ClarkSearch
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of Burnet v. ClarkSearch
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Kornhauser v. UnitedSearch
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Cf. Kornhauser v. UnitedSearch
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McCaughn v. RealSearch
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Cf. Bonwit Teller & Co. v. CommissionerSearch
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Pont v. CommissionerSearch
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Cf. Terbell v. CommissionerSearch
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See United States v. NorthSearch
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