United States Tax Court
20 T.C. 511 (1953)
Morton Frank and Agnes Dodds Frank (plaintiffs) were husband and wife. The Franks were interested in purchasing and operating a newspaper or radio station. At the end of November 1945, they left for a trip throughout the United States in an effort to find potential newspapers or radio stations to purchase. In November 1946, they purchased a newspaper in Ohio. Until they made the purchase, the Franks incurred significant travel, communication, and legal expenses. The Franks deducted $5,965 of these expenditures as ordinary and necessary business expenses.
Rule of Law
Holding and Reasoning (Van Fossan, J.)
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