(1976)
EDWIN D. AND SONDRA M. ABRAMSON, ET AL. v. COMMISSIONER OF INTERNAL REVENUE
This is a tax dispute case involving the investors who acquired the United States rights to the 1976 movie ‘Submission’ starring Franco Nero. The case from the tax court lists certain financial information pertaining to the movie — including the budget, revenue that the film earned and the tax write off that the investors recorded. Below is a brief breakdown of the expenses related to ‘Submission’:
The budget for ‘Submission’ was $2 million.
“Submission,” under the name “Scandello” had been shown in foreign markets and generated approximately $340,000 of revenues.
The agreed upon price for the right to exploit Submission in the United States was $1,750,000
Read the full court report below for further information.