ABBOTT & COSTELLO (LOU COSTELLO) - DOCUMENT SIGNED 09/18/1955 CO-SIGNED BY: ANNE (MRS. LOU) COSTELLO - HFSID 177685
LOU COSTELLO AGREES TO USE PROCEEDS FROM HIS INTEREST IN SEVERAL FILMS TO
SETTLE HIS I.R.S. TAX BILL
LOU COSTELLO and ANNE COSTELLO
Carbon Typed Document Signed: "Lou Costello" in ink on page 4 and "Anne Costello" in ink on page 5, 5p, 8½x13, separate sheets. Los Angeles County, California, 1955 September 18. Headed: "Assignment". Costello dissolves his company, Cosman Productions, Inc., to pay income tax deficiencies to the Internal Revenue Service. In part: "Federal income tax deficiencies against the undersigned, and his wife ANNE COSTELLO, for the years 1947, 1948, 1949, 1950 and 1951, have been assessed by the Director of Internal Revenul...in the total amount of $162,437.26, plus penalties in the total amount of $22,143.61, plus accumulated interest in the approximate sum of $50,000.00...to make provision for the said taxes and penalties...the undersigned has caused Cosman Productions, Inc...to be dissolved...the undersigned desires to assign to the Director...such assignment of the revenues accrued and unpaid to date and to accrue from certain feature-length motion pictures produced by Universal Pictures Company, Inc...in which the undersigned has an ownership interest or a participation...." On page 2, a list of 17 feature films is listed, including Abbott & Costello Meet the Keystone Kops, which is noted to be a part of this agreement "After a loan from Bankers Trust Company secured by an assignment of the proceeds has been retired." The agreement also mentions payment of attorney's fees in connection with the tax settlement. Also signed by an Notary Public on page 4. ANNE BATTLERS was married to LOU COSTELLO from 1934 until his death on March 3, 1959, less than five years after they signed this agreement. The couple had four children, including a son who drowned just days before his first birthday. The year he signed this document, Costello appeared in two feature films, Abbott and Costello Meet the Mummy and Abbott and Costello Meet the Keystone Kops, both of which are included as part of Costello's tax settlement. With partner BUD ABBOTT, COSTELLO (1906-1959) formed one of the greatest comedy teams in the history of show business. They mastered the straight man/clown relationship, creating a magical chemistry that took them from vaudeville and burlesque to radio, Broadway, film and television. The Abbott & Costello Show aired on radio on ABC from 1941-1946 and on NBC from 1946-1949. Abbott and Costello were also guest hosts of NBC's hour-long live variety show, The Colgate Comedy Hour, seven times between 1951-1954. Their "Who's on First?" routine is enshrined in the National Baseball Hall of Fame. Abbott and Costello split up in 1957 after troubles with the Internal Revenue Service left both men broke. Slightly creased with folds, not at signatures. Pencil notes (unknown hand) at lower left margin of page 2. Staple holes and two file holes at upper blank margins. Fine condition.
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