Fisher v. Commissioner
United States Tax Court
The petitioner, as president of a corporation the stock of which was owned by his son, received a stated salary, and, in addition, withdrew amounts from the corporation which were carried on the corporate books as accounts receivable and notes receivable. Held, that such additional amounts withdrawn by the petitioner constituted additional compensation for services, rather than loans to him.
1Opinion of the Court
OPINION
The issue presented is whether amounts totaling $18,413.97 withdrawn by petitioner from the corporation in excess of his stated compensation in 1963,1964, and 1965 constituted amounts borrowed from the corporation as contended by petitioner or whether they constituted additional compensation to petitioner as determined by the respondent. On brief the respondent contends that there was no bona fide debtor-creditor relationship between petitioner and the corporation and that these withdrawals, irrespective of any formal obligation to repay, are income to the petitioner within the meaning…
2Cases cited9 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- American Properties, Inc. v. CommissionerUnited States Tax Court · 1957
- Haber v. CommissionerUnited States Tax Court · 1969
- Jack Haber and Doris Haber v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
- C. M. Gooch Lumber Sales Co. v. CommissionerUnited States Tax Court · 1968
4 more not listed; retrieve them via the Exa API.
3Cited by60 opinions
- Calloway v. CommissionerUnited States Tax Court · 2010
- Milenbach v. CommissionerUnited States Tax Court · 1996
- CMA Consol., Inc. v. Comm'rUnited States Tax Court · 2005
- Frierdich v. CommissionerUnited States Tax Court · 1989
- John C. Saunders and Ellen W. Saunders v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1983
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