(1975)
John A. Broyles and Shirley S. Broyles, et al. v. Commissioner
This is a tax dispute case involving the investors who funded the 1975 movie ‘It Seemed Like a Good Idea at the Time’ co-starring an early role by John Candy. The case from the tax court lists some actual financial information pertaining to the movie.
The budget for ‘It Seemed Like a Good Idea at the Time’ was $957,086 — the film came in at $38,498 over budget. Velvet Film Guarantors contributed only $13,000 toward making up the overrun.
The screenplay was purchased for $40,000
Read the full court report below for further information.