Lombard & Co. v. Commissioner
United States Tax Court
The controlling shareholder of a corporation had an informal oral agreement with the corporation to receive a bonus and monthly salary. Held, the amount of bonus was not definitely ascertained so there was no constructive receipt. Held,further, in the absence of any written memoranda, corporate minutes, resolutions, or a crediting upon the corporation's books of the amount of salary, the salary was not constructively received.
1Opinion of the Court
LOMBARD & CO., A CALIFORNIA CORPORATION, SUCCESSOR IN INTEREST TO SIERRA VIEW FUNERAL CHAPEL, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Lombard & Co. v. Commissioner
Docket No. 5243-76.
United States Tax Court
T.C. Memo 1979-297; 1979 Tax Ct. Memo LEXIS 226; 38 T.C.M. (CCH) 1158; T.C.M. (RIA) 79297;
August 7, 1979, Filed; As Amended
The controlling shareholder of a corporation had an informal oral agreement with the corporation to receive a bonus and monthly salary. Held, the amount of bonus was not definitely ascertained so there was no constructive receipt. Held,further,…
2Cases cited21 opinions
- Helvering v. Midland Mutual Life InsuranceSupreme Court of the United States · 1937
- Fountain v. CommissionerUnited States Tax Court · 1973
- Geiger & Peters, Inc. v. CommissionerUnited States Tax Court · 1957
- Ohio Battery & Ignition Co. v. CommissionerUnited States Tax Court · 1945
- Hyland v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
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