Trace v. United States
United States Tax Court
War Contracts Price Adjustment Board determined that petitioner, a manufacturer's representative, realized excessive profits of $ 65,000 for the year 1943 and $ 10,000 for each of the years 1944 and 1945. Held: (1) That salary allowance should be made for one person who negotiated sales in 1943 and that the petitioner's profits for that year were excessive to the extent of $ 55,000; (2) that the Board did not err in refusing to make allowance for compensation to the…
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War Contracts Price Adjustment Board determined that petitioner, a manufacturer's representative, realized excessive profits of $ 65,000 for the year 1943 and $ 10,000 for each of the years 1944 and 1945. Held: (1) That salary allowance should be made for one person who negotiated sales in 1943 and that the petitioner's profits for that year were excessive to the extent of $ 55,000; (2) that the Board did not err in refusing to make allowance for compensation to the petitioner in lieu of salary; (3) that no error has been shown in the Board's determinations for the years 1944 and 1945.
1Opinion of the Court
C. H. Trace, Petitioner, v. United States of America, Respondent
Trace v. United States
Docket Nos. 406-R, 547-R, 748-R.
United States Tax Court
25 T.C. 538; 1955 U.S. Tax Ct. LEXIS 19;
December 16, 1955, Filed
War Contracts Price Adjustment Board determined that petitioner, a manufacturer's representative, realized excessive profits of $ 65,000 for the year 1943 and $ 10,000 for each of the years 1944 and 1945. Held: (1) That salary allowance should be made for one person who negotiated sales in 1943 and that the petitioner's profits for that year were excessive to the extent of $ 55,000; (2) that…
2Cases cited6 opinions
- Cohen v. Secretary of WarUnited States Tax Court · 1946
- Greaves v. War Contracts Price Adjustment BoardUnited States Tax Court · 1948
- French v. War Contracts Price Adjustment BoardUnited States Tax Court · 1949
- Trace v. War Contracts Price Adjustment BoardUnited States Tax Court · 1953
- Robert Rogers, Inc. v. United StatesUnited States Court of Claims · 1950
1 more not listed; retrieve them via the Exa API.