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Taxation - Federal Income Tax - Purchase By Network Of Corporation Producing Entertainer's Radio Show As Compensation To Entertainer, Jerome K. Walsh, Jr.
Taxation - Federal Income Tax - Purchase By Network Of Corporation Producing Entertainer's Radio Show As Compensation To Entertainer, Jerome K. Walsh, Jr.
Michigan Law Review
Prior to 1947, Jack Benny produced a complete radio show for his sponsor, American Tobacco Company. In January 1947 Amusement Enterprises was incorporated with Benny taking 60 percent of the stock and the remainder going to three of his business associates. Amusement contracted with American to produce a complete radio show, exclusive of Benny's services, to be broadcast over the NBC network on Sunday evenings. Benny signed a separate contract with American as the star of the show. Under the American-Benny contract American could make no change in the time of the broadcast or the network facilities without Benny's approval. …