Commissioner of Internal Revenue v. Lincoln Savings and Loan Association

United States Supreme Court

Argued: Feb. 23, 1971. --- Decided: June 14, 1971

Syllabus

Payment by a state-chartered savings and loan association of the 'additional premium' required by § 404(d) of the National Housing Act to be paid to the Federal Savings and Loan Insurance Corp. is not deductible for income tax purposes as an ordinary and necessary business expense under § 162(a) of the Internal Revenue Code.

9 Cir., 422 F.2d 90, reversed.

Matthew J. Zinn, Washington, D.C., for petitioner.

Adam Y. Bennion, Los Angeles, Cal., for respondent.

Mr. Justice BLACKMUN delivered the opinion of the Court.

Notes

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