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WALDHEIM & COMPANY, INC. v. COMMISSIONER

Docket No. 36045.

25 T.C. 594 (1955)

WALDHEIM & COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 21, 1955.

Attorney(s) appearing for the Case

Eric Wm. Passmore, Esq., and Maurice Weinstein, Esq., for the petitioner.

Paul Levin, Esq., for the respondent.

The respondent determined a deficiency in income tax against the petitioner for the taxable year 1946 in the amount of $1,958.49. The questions for decision are whether petitioner is entitled to deduct as ordinary and necessary business expenses, under section 23 (a) (1) (A) of the Internal Revenue Code of 1939, (1) $6,184.60 paid as legal fees during the taxable year, and (2) $2,000 paid during the said year as directors' fees. Other...

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