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ASKEW v. C.I.R.

No. 85-2092.

805 F.2d 830 (1986)

John D. ASKEW and Nona B. Askew, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Eighth Circuit.

Decided November 24, 1986.

Attorney(s) appearing for the Case

E.J. Ball, Fayetteville, Ark., for appellants.

Roger M. Olsen, Washington, D.C., for appellee.

Before JOHN R. GIBSON, Circuit Judge, BRIGHT, Senior Circuit Judge, and FAGG, Circuit Judge.

JOHN R. GIBSON, Circuit Judge.

This dispute arises out of the activities of taxpayers John and Nona Askew in the oil and gas industry in Venezuela, and concerns payments Mr. Askew received under a series of letter agreements for providing knowledge, data and information in securing service contracts on oil wells and nickel deposits in Venezuela. The issues are whether the Askews could deduct the following amounts as ordinary and necessary business expenses: (1) $250...

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