Commonwealth v. Scott, T.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• stating that an item’s having been paid or incurred during the taxable year is one of five elements required for deducting an expense under section 162(a)
• controlling feature of capital payment is that it serves to create or enhance separate and distinct additional asset
• explaining the difference between ordinary and necessary expenses, which are deductible from income for federal tax purposes, and capital costs, which are not deductible
• requiring capitalization where the expenditure creates or enhances a separate and distinct asset
• additional premiums paid by bank to federal insurers are capital expenditures
• a premium payment made by a savings and loan association under compulsion of the National Housing Act treated as a capital expenditure

Source: CourtListener parenthetical corpus (CC0).