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NEWARK MORNING LEDGER CO. v. UNITED STATES

No. 91-1135.

507 U.S. 546 (1993)

NEWARK MORNING LEDGER CO., as successor to THE HERALD CO. v. UNITED STATES

United States Supreme Court.

Decided April 20, 1993.

Attorney(s) appearing for the Case

Robert H. Bork argued the cause for petitioner. With him on the briefs were Bernard J. Long, Jr., Albert H. Turkus, Linda A. Fritts, Judith A. Mather, Corinne M. Antley, Peter C. Gould, and Steven Alan Reiss.

Deputy Solicitor General Wallace argued the cause for the United States. With him on the brief were Solicitor General Starr, Acting Assistant Attorney General Bruton, Kent L. Jones, Robert S. Pomerance, Francis M. Allegra, and Steven W. Parks.*

Blackmun, J., delivered the opinion of the Court, in which Stevens, O'Connor, Kennedy, and Thomas, JJ., joined. Souter, J., filed a dissenting opinion, in which Rehnquist, C. J., and White and Scalia, JJ., joined, p. 571.

Justice Blackmun, delivered the opinion of the Court.

This case presents the issue whether, under § 167 of the Internal Revenue Code, 26 U. S. C. § 167, the Internal Revenue Service (IRS) may treat as nondepreciable an intangible asset proved to have an ascertainable value and a limited useful life, the duration of which can be ascertained with reasonable accuracy, solely because the IRS considers the asset to be goodwill as a matter of law.

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