Gale v. War Contracts Price Adjustment Board
United States Tax Court
Petitioners were the sales representatives of Crucible Steel Company of America under an employment contract entered into in 1935. In the same year they assigned this contract to a wholly owned corporation which performed all services called for thereunder.
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Petitioners were the sales representatives of Crucible Steel Company of America under an employment contract entered into in 1935. In the same year they assigned this contract to a wholly owned corporation which performed all services called for thereunder. This employment contract could have extended to 1961. On December 30, 1943, the employment contract was ended by a cancellation agreement under which petitioners received $ 1,700,000, the corporation having been liquidated immediately prior thereto. Respondent determined $ 225,000 of this amount to be excessive profits. Petitioners contend…
1Opinion of the Court
Estate of Robert I. Gale, Deceased, Robert I. Gale, Jr., Executor, Guy W. Waters and Edgar H. Vogel, Petitioners, v. War Contracts Price Adjustment Board, Respondent
Gale v. War Contracts Price Adjustment Board
Docket No. 741-R
United States Tax Court
19 T.C. 1107; 1953 U.S. Tax Ct. LEXIS 214;
March 24, 1953, Promulgated
Petitioners were the sales representatives of Crucible Steel Company of America under an employment contract entered into in 1935. In the same year they assigned this contract to a wholly owned corporation which performed all services called for thereunder. This employment contract…
2Cases cited1 opinion
- Gale v. War Contracts Price Adjustment BoardUnited States Tax Court · 1953