Thomas P. Byrnes, Inc. v. Commissioner
United States Tax Court
Petitioner received sales commissions pursuant to several sales representation agreements. Although the commissions were obtained as a result of the sales efforts of petitioner's president, who, in addition, was its primary shareholder and principal employee, the agreements neither named nor described him individually. Held, the commissions were not personal holding company income under sec. 543(a)(7), I.R.C. 1954.
1Opinion of the Court
Nims, Judge:
Respondent determined deficiencies of $20,460, $24,566, and $31,830 for the respective taxable years ending March 31, 1973, March 31, 1975, and March 31, 1976. The issue for our decision is whether amounts petitioner received for the performance of contractual obligations constituted personal holding company income within the meaning of section 543(a)(7),1 thereby subjecting petitioner to personal holding company tax under section 541.
FINDINGS OF FACT
Some of the facts have been stipulated by the parties. Their stipulation and the exhibits specified therein are incorporated in…
2Cases cited5 opinions
- Kurt Frings Agency, Inc. v. CommissionerUnited States Tax Court · 1964
- General Management Corp. v. COM'R OF INT. REVENUECourt of Appeals for the Seventh Circuit · 1943
- Able Metal Products, Inc. v. CommissionerUnited States Tax Court · 1959
- Allen Machinery Corp. v. CommissionerUnited States Tax Court · 1958
- Claggett v. CommissionerUnited States Tax Court · 1965
3Cited by2 opinions
- Morrison v. CommissionerUnited States Tax Court · 1982
- Thomas P. Byrnes, Inc. v. CommissionerUnited States Tax Court · 1979