United States Board of Tax Appeals June 18, 1928, Docket Nos. 13189, 13190 (Aitkin v. Commissioner)

*694OPINION.

Phillips:

The Commissioner has conceded that the petitioners acquired no physical assets from Dippy upon his retirement from the firm of Dippy and Aitkin. He contends, however, that they acquired something intangible in return for the payment of $5,000, and that, therefore, such payment did not represent a business expense.