Buffalo Shook Co. v. Commissioner
United States Tax Court
1. During the years 1943 and 1944, petitioner's board of directors authorized a salary of $12,000 a year for petitioner's president. In 1943 the salary stabilization authorities allowed only $11,000. In each of the years 1943 and 1944, petitioner paid its president only the $11,000 allowed.
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1. During the years 1943 and 1944, petitioner's board of directors authorized a salary of $12,000 a year for petitioner's president. In 1943 the salary stabilization authorities allowed only $11,000. In each of the years 1943 and 1944, petitioner paid its president only the $11,000 allowed. In 1945 petitioner's board of directors authorized the payment of $2,000 to petitioner's president as additional compensation for services rendered in 1943 and 1944. The payment was made in 1945 after salary stabilization restrictions were relaxed. Held, the $2,000 is deductible as an ordinary and…
1Opinion of the Court
Buffalo Shook Company, Inc. v. Commissioner.
Buffalo Shook Co. v. Commissioner
Docket No. 26257.
United States Tax Court
1951 Tax Ct. Memo LEXIS 119; 10 T.C.M. (CCH) 820; T.C.M. (RIA) 51262;
August 29, 1951
1. During the years 1943 and 1944, petitioner's board of directors authorized a salary of $12,000 a year for petitioner's president. In 1943 the salary stabilization authorities allowed only $11,000. In each of the years 1943 and 1944, petitioner paid its president only the $11,000 allowed. In 1945 petitioner's board of directors authorized the payment of $2,000 to petitioner's president as…
2Cases cited7 opinions
- Lucas v. Ox Fibre Brush Co.Supreme Court of the United States · 1930
- Tennessee Consol. Coal Co. v. CommissionerUnited States Tax Court · 1950
- Reub Isaacs & Co. v. CommissionerUnited States Board of Tax Appeals · 1924
- Atlumor Mfg. Co. v. CommissionerUnited States Tax Court · 1949
- Smith--Lustig Paper Box Mfg. Co. v. CommissionerUnited States Tax Court · 1943
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