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Tax Court Rejects Claimed Deduction for Management Fees

The U.S. Tax Court recently agreed with the Internal Revenue Service that management fees a corporation paid to its three shareholders over a three-year period were not deductible since none of the fees were paid “purely for services” and the petitioner failed to show the fees were “ordinary, necessary, and reasonable.” Rather, they represented disguised distributions, the court found.

Aspro, Inc. v Commissioner

The U.S. Tax Court recently agreed with the Internal Revenue Service that management fees a corporation paid to its three shareholders over a three-year period were not deductible since none of the fees were paid “purely for services” and the petitioner failed to show the fees were “ordinary, necessary, and reasonable.” Rather, they represented disguised distributions, the court found.

Boyer v. Wilmington Materials, Inc.

At issue is the valuation of the plaintiff's interest in Wilmington Materials, Inc.

Interested Directors Fail to Meet Entire Fairness Standard

This issue in this shareholder dispute is whether the defendants' approval of the sale of substantially all of the assets of Wilmington Materials Inc. (WMI) to Delaware Aggregates Inc. (DAI), in which five of the defendants had an interest, met the entire fairness standard applicable to interested transactions.

Rudolf v. United States

At issue is the valuation of stock at the time of death.

Rudolph v. United States

Plaintiff brought this action to recover an IRS tax paid, alleging that it was erroneously, illegally, and excessively assessed and collected.

Hayes v. Hayes

At issue was the value of the marital property including interest in an asphalt paving company.

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