The case involves a professional football player who failed to report income from using a Corvette, Thunderbird cars, and a fur coat. The court analyzed whether the value of these items should be included in his income for 1962. The most relevant facts are that the Corvette was a prize and not a gift, the fair rental value of the Thunderbirds constituted taxable income, and the petitioner endorsed commercial products.
Hornung v. Commissioner (1967)
United States Tax Court
47 T.C. 428
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