ABBOTT & COSTELLO (LOU COSTELLO) - DOCUMENT SIGNED 09/18/1955 CO-SIGNED BY: ANNE (MRS. LOU) COSTELLO - HFSID 177687
Sale Price $722.50
LOU COSTELLO AGREES TO USE PROCEEDS FROM A TELEVISION PROGRAM CO-EXECUTIVE
PRODUCED WITH HIS BROTHER TO SETTLE HIS TAX BILL WITH THE I.R.S.
LOU COSTELLO and ANNE COSTELLO
Carbon Typed Document Signed: "Lou Costello" and "Anne Costello" in ink on page 3, 3p, 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 a certain series of twenty-six 30-minute television films produced by Cosman, starring George Raft and entitled I AM THE LAW, which is currently being distributed by MCA-TV, LTD." On page 2, Costello authorizes and directs MCA to pay "all monies in excess of $9,000.00 per accounting quarter as and when due the undersigned from the profits of said television films and to draw and deliver to the order of the Director any and all checks and other instruments for the payment of the monies assigned hereby...." Also signed by an Notary Public on page 3. I Am the Law, which starred George Raft as Lieutenant George Kirby, was executive produced by Lou and his brother, Pat Costello. 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. Horizontal fold, not at signatures. Staple holes and two file holes at upper blank margins. Fine condition.
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