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Abruzzino, Robert, Estate ---
Alexander, Morris and Annette G., et al.,
Alexander, Morris, Transferee--
Amerada Hess Corp--
Artukovich, Nick A. and Stella M.--
Baldarelli, Libero P. and Rita I., et al.----
Baltimore Stevedoring Co-----
Bank of America National Trust & Savings Association---
Bayless, John A.-----
Beirne, Michael F. and Corinne A.
Bellis, Carroll J. and Mildred.
Blevins, W. Frank and Henrietta W-
Bottorff, Orville W. and Martha L..
Brown, Robert D. and Loretta Maye-----
Canaveral International Corp----
Chapman Enterprises, Inc-----
Cohn, Albert, Estate and Adeline G., Individually and Coexecutor--
Colbert, James D. and Frances J.
Collins, Robert F----
Columbia Iron & Metal Co----
Cooper, Richard M. and Mary J., et al..
Cummings, Nathan and Joanne T..
Daby, Richard W. and Gladys M.
Davenport, John C. and Ina C-----
Dougherty, Albert L. and Charlotte K. (supplemental).
Duey, Robert L, and Nancy T.-----
Ellsasser, William, Estate and Charlotte C.-
Everhart, C. C. and Clara---
Flower, Harry M. and Gail.--
Foster, Esther J., et al., Trustees.
Fox, Blaine S. and Nancy A.-
Frankel, E. J. and Z. T.
Frizzelle Farms, Inc---
Frost, William L.----
Gidwitz, Michael II, Trust_
Gidwitz, Victor E., Family Trust.
Golden, Seymour and Doris.---
Gulf-Puerto Rico Lines, Inc.----
Haft, Daniel Foster, Trust---
Haft, Lisa Ann, Trust.
Haft, Robin, Trust---
Haft, Wendy, Trust -
Handy Button Machine Co., et al.---
Handy Realty Co------
Harmston, Gordon J. and Alice C---
Harris, Leon A., Jr., and Marina---
Human Engineering Institute, et al.-
Imel, Robert E. and Nancy J------
Jacuzzi, Candido and Inez----
Jayne, George W., Estate and Marion P., Individually and Executrix.--
Johnson, W. Albert and Lulu S--
Jones, Laurence D. and Olga---
Jordan, Max C. and Margaret A.-----
Kent, George B., Jr., and Sandra JO----
Klein, George T., Estate and Shirley, Individually and Personal
Kopas, Joseph S. and Mary E..
Kuper, Charles and Kathleen.
Kuper, James and Martha...
LaCroix, Kenneth D. and Rhetta S., et al.-
La Londe, George B. and Patsy--
LaMonica, Joseph B. and Arva L-----
Land, Ben C-----
Laverty, Robert E. and Elizabeth S..
Lennard, Milton S., Estate and Pauline, Individually and Coexecutor---
Lindner, Jack and Anne-----
Litton Business Systems, Inc-----
Londagin, Herman E. and B. Maxine..
Lone Manor Farms, Inc----
Lorenz, Kenneth L. and Florence H.
Lutter, Helen M-------
Mathews, C. James and Joyce C----
Mazzei, Raymond and Elizabeth D.-
McGauley, Lorraine A., Estate ---
McGee, George C-------
Mele, Jack A. and Erlene W., Transferees, et al..
Melitz, Peter W. and Virginia W-
Mercantile Bank & Trust Co., Trustee..
Midler Court Realty, Inc-----
Miner, Milton A. and Kathleen N.-
Moffatt, Gene E. and Edith----
Molbreak, Vernon and Jean D., et al.-
Neblett, Paul S. and Mary F--
Neer, Harry C. and Mary----
Newburger, Andrew M. and Shirley P..
Newton Insert Co., Transferor----
Nielsen, Riener C------
O'Dell & Co ----
Pepsi-Cola Bottling Co. of Salina, Inc---
Pettit, Karl D. and Estelle F--
Pierce, James K. and Madeline F.
Plows, Charles W. and Nancy H.
Quirk, Helen Moore, Estate (supplemental)--
Rainier Companies, Inc----
Ransom, Charles H. and Billie N.----
Rapid Electric Co----
Ready Paving & Construction Co-----
Reitz, Percy A. and Hazel A ----
Robertson, Elgin B., Jr., and Marian G., et al.---
Ryan, John H. and Lois L---
Saia, Seredo J., Transferee_
Saia, Viola F., Estate ---
Santiago, Ramon R----
Sawelson, Melvin G. and Eileen---
Sawelson, William A. and Sharon, et al.,
Scarlett, Ramsay, & Co.------
Schmidt, Harvey E. and Adeline---
Scott, Martin A. nd Angela------
Shaffer, Jack H. and Erlene----
Shamburger, Bobby F. and Bobbye R., et al.-
Shamburger, Frank L. and Cladie_-
Shelton, Lyle G----
Shiosaki, James T.--
Silverman, Max, Estate.
Silverman, Morris R., Estate ---
Sirbo Holdings, Inc. (supplemental).
Site-Pak Development Corp-----
Steen, John T. and Nell D-----
Suarez, Efrain T. and Zenaida.-
Teeples, Karl D. and Iva A..
Teeples & Thatcher Contractors, Inc.
Thatcher, Wilford E. and Estella M., et al.--
Traxler, Duane M. and Marion C-----
Tri-City Dr. Pepper Bottling Co----
Tridair Industries, Transferee..
Victory Sand & Concrete, Inc----
Viola, James A. and Evelyn.--
Washbon, Robert E. and Margaret C.--
Weiner, Lois F-----
Weiner, Walter H..
White Farm Equipment Co-------
White, Robert B. and Dorothy D-----
Williams, Byron D. and Frances T.
Wirth, Andrzej T.----
Wohlleb, DeWayne H. and Marilyn A.-
Yoc Heating Corp-
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NATHAN CUMMINGS AND JOANNE T. CUMMINGS, PETITIONERS V.
COMMISSIONER OF INTERNAL REVENUE, RESPONDENT
Docket No. 2653–71. Filed October 2, 1973.
P was a director and shareholder of MGM, and in 1962, he made a payment to MGM of $53,870.81 when the SEC indicated that P might be liable to MGM for such amount as an insider's profit within the meaning of sec, 16(b) of the Securities Exchange Act of 1934. Held, under the particular circumstances of this case, the payment is an ordinary and necessary business expense of P; Nathan Cummings, 60 T.C. 91 (1973), reaffirmed.
Anderson A. Owen, Edward W. Rothe, and Glen H. Kanwit, for the petitioners.
Nelson E. Shafer, for the respondent.
SIMPSON, Judge: An opinion was filed in this case on April 23, 1973, 60 T.C. 91. In such opinion, we held that in the circumstances of the case, the petitioner was entitled, by virtue of section 162 of the Internal Revenue Code of 1954,- to deduct as an ordinary and necessary business expense a payment made to MGM. Such payment was made after an indication that the petitioner might be liable for an insider's profit in violation of section 16(b) of the Securities Exchange Act of 1934, but the Court found that the payment was made to protect the business reputation of the petitioner and to avoid delay in the issuance of the proxy statement. In so holding, we relied on William L. Mitchell, 52 T.C. 170 (1969), revd. 428 F. 2d 259 (C.A. 6, 1970), certiorari denied 401 U.S. 909 (1971), and James E. Anderson, 56 T.C. 1370 (1971), then on appeal to the Seventh Circuit.
1 All statutory references are to the Internal Revenue Code of 1954, except that any reference to sec. 16(b) is to such section of the Securities Exchange Act of 1934.