Income Tax Keyed to Lind
INDOPCO, Inc. v. Commissioner
Taxpayer is the National Starch and Chemical Corporation that changed its name to INDOPCO. Unilever United States, Inc. expressed an interest in acquiring Taxpayer, which was one of its suppliers. Taxpayer hired bankers and legal counsel to handle the acquisition. Taxpayer claimed a deduction for $2,225,586 paid to the banker, but did not deduct $505,069 in legal fees. The Commissioner of Internal Revenue did not allow the deduction. The Tax Court did not allow the deductions of either expense, and the Court of Appeals affirmed.
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