Word: schenck
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After listening for almost two months to such cinematic witnesses as Will Hays, Charles Chaplin, Harpo and Chico Marx, a Manhattan jury in Federal Court found massive, 58-year-old Joseph M. Schenck, chairman of 20th Century-Fox, guilty on two counts of evading Federal income taxes amounting to more than $250,000 for the years 1935 and 1936. Possible sentence: ten years, $20,000 fines...
...citizens racking their brains for income-tax deductions gasped last week at the ingenuity of fertile-minded Cinemagnate Joseph M. Schenck, who went on trial in Manhattan charged with evading $412,045 income taxes in 1935-37. Some Schenck "business expenses" which the Government contended were too super-colossal even for the chairman of Twentieth Century...
...told, the Government charged, Schenck claimed it cost him $89,000 in expenses to earn his $117,000 salary in 1937. (His total 1937 income, including bonuses, dividends, etc.: $594,225.) The defense as outlined by Schenck's attorney: "He spent money lavishly and entertained lavishly. It was his business to spend money in order to make money for his company...
...from cheating his Government, defense counsel contended, Schenck had paid $165,000 too much in taxes for 1935-37 and would try to get it back...
After a three months' investigation of his affairs, a Federal Grand Jury in Manhattan indicted Cinema Tycoon Joseph M. Schenck on 24 counts, charged him with defrauding the Government of $400,000 back taxes, of conspiracy, perjury, and making false statements to a U. S. investigator. Possible fine: $160,000. Possible sentence: 167 years...