Commissioner v. Tellier
United States Supreme Court
383 U.S. 687 (1966)
In 1956, Walter F. Tellier (plaintiff) was indicted on 36 counts of fraud and conspiracy related to his business underwriting stock offerings and purchasing securities for resale. He was convicted on all counts. Tellier spent $22,964.20 in legal expenses incurred for his defense. He deducted this amount as an ordinary and necessary business expense. The Commissioner (defendant) disallowed the deduction. The Tax Court sustained the Commissioner’s disallowance. The Court of Appeals reversed. The United States Supreme Court granted certiorari.
Rule of Law
Holding and Reasoning (Stewart, J.)
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