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Income Tax Keyed to Graetz
Welch v. Helvering
Citation:
290 U.S. 111 (1933)Facts
Petitioner was secretary of the E.L. Welch Company which was engaged in the grain business. The company went through involuntary bankruptcy and had a discharge of its debts. Petitioner later contracted with Kellogg Company to purchase grain for commission and began paying off debts of the Welch Company to reestablish relationships with that company’s former customers. The Commissioner of Internal Revenue asserted that these payments of debt were not deductible as ordinary and necessary business expenses, but were instead capital expenditures for the development of reputation and goodwill.
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