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ANDERSON v. COMMISSIONER

Docket No. 1533-70.

56 T.C. 1370 (1971)

JAMES E. ANDERSON AND ALICE ANDERSON, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 27, 1971.

Attorney(s) appearing for the Case

David J. Creagan, Jr., and John H. Overbeck, Jr., for the petitioners.

James F. Hanley, Jr., for the respondent.

TANNENWALD, Judge:

Respondent determined a deficiency of $21,897.64 in the petitioners' income tax for the taxable year ending December 31, 1966. The only issue for our consideration is whether payment made by petitioner James E. Anderson to his employer, pursuant to an alleged violation of section 16(b) of the Securities Exchange Act of 1934, constitute an ordinary and necessary expense of petitioner James E. Anderson's business.

FINDINGS OF FACT...

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