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MARSH & McLENNAN, INCORPORATED. v. COMMISSIONER

Docket No. 7019-65.

51 T.C. 56 (1968)

MARSH & McLENNAN, INCORPORATED, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 16, 1968.

Attorney(s) appearing for the Case

John F. Beggan, for petitioner.

Gary L. Stansbery, for respondent.

ATKINS, Judge:

The respondent determined deficiencies in income tax against the petitioner for the taxable years 1961 and 1962 in the respective amounts of $1,783.22 and $7,246.27. The issue is whether the petitioner is entitled to any deduction, under section 167(a)(1) of the Internal Revenue Code of 1954, for the cost of a list of insurance customer expirations which it acquired in 1961 when it purchased an insurance brokerage business.

FINDINGS...

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