International Trading Co. v. Commissioner of Internal Revenue

How courts have described this case

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

• holding that \necessary\ business expenses under income tax statute are those expenses that are \appro- priate and helpful\ to the business (internal quotation marks omit- ted)
• deciding the taxpayer “need not have a reasonable expectation of a profit” but must have a “good faith ... intention of making a profit or of producing income”
• “[U]nless the claimed deductions come clearly within the scope of the statute, they are not to be allowed.”

Source: CourtListener parenthetical corpus (CC0).