Long Island Drug Co. v. Commissioner
United States Board of Tax Appeals
1. Where the respondent allowed as deductions under section 23(a) of the Revenue Acts of 1928 and 1932 the amounts of fixed salaries paid to petitioner's officers, held, that his disallowance of additional salaries based upon a percentage of net profits was not error, under the facts presneted, upon failure to prove that the distribution of net profits was directly related to services performed so as to be earned. 2. Held that petitioner has failed to present proof as to…
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1. Where the respondent allowed as deductions under section 23(a) of the Revenue Acts of 1928 and 1932 the amounts of fixed salaries paid to petitioner's officers, held, that his disallowance of additional salaries based upon a percentage of net profits was not error, under the facts presneted, upon failure to prove that the distribution of net profits was directly related to services performed so as to be earned. 2. Held that petitioner has failed to present proof as to bases and rates to show error in the respondent's determination of the depreciation allowable upon certain assets of…
1Opinion of the Court
LONG ISLAND DRUG CO., INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Long Island Drug Co. v. Commissioner
Docket Nos. 75225, 79616.
United States Board of Tax Appeals
35 B.T.A. 328; 1937 BTA LEXIS 895;
January 21, 1937, Promulgated
1. Where the respondent allowed as deductions under section 23(a) of the Revenue Acts of 1928 and 1932 the amounts of fixed salaries paid to petitioner's officers, held, that his disallowance of additional salaries based upon a percentage of net profits was not error, under the facts presneted, upon failure to prove that the distribution of net…
2Cases cited6 opinions
- L. Schepp Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Long Island Drug Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Joseph Goodnow & Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Elmore Milling Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- New York Talking Machine Co. v. CommissionerUnited States Board of Tax Appeals · 1928
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