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Raytheon Production Corp. v. Commissioner, … Raytheon Production Corp. v. Commissioner, 144 F.2d 110 (1st Cir. 1944), cert. denied, 323 U.S. 779 (1944) is a United States income tax case that discusses the tax deductibility of damages for loss of business good will. It included the following holdings:
* Under the tax code, business good will is not the present value of future profits, but present capital.
* Thus, damages for the destruction of goodwill (awarded under the Federal Antitrust Laws) are compensating for the destruction of a capital asset -- they are a "return" of this capital.
* It is settled law that, while a recovery (as court-ordered damages) of future profits is taxable, a recovery (as damages) of present capital is not.
* However, it is also settled law that compensatory damages are not tax-exempt just because they are a return of capital. Exemption applies only to the portion of these damages that recovers the cost basis of that capital; any excess damages serve to realize prior appreciation, and should be taxed as income.
* In this case, the basis is treated as zero because Raytheon is unable to establish it.(Generally, goodwill has a basis of zero because the costs that generate it are themselves immediately deductible (as expenses for advertising, PR, etc). However, goodwill can acquire a basis, e.g. as a portion of the cost of purchasing another business.) the cost of purchasing another business.)
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Raytheon Production Corporation v. Commissioner of Internal Revenue
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a unanimous court
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Raytheon Production Corp. v. Commissioner, … Raytheon Production Corp. v. Commissioner, 144 F.2d 110 (1st Cir. 1944), cert. denied, 323 U.S. 779 (1944) is a United States income tax case that discusses the tax deductibility of damages for loss of business good will. It included the following holdings: will. It included the following holdings:
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Raytheon Production Corp. v. Commissioner
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