Elgin Nat'l Watch Co. v. Commissioner
United States Board of Tax Appeals
1. During the taxable year, petitioner created, by appropriate instruments, two trusts for the payment of pensions to former employees and officers.
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1. During the taxable year, petitioner created, by appropriate instruments, two trusts for the payment of pensions to former employees and officers. Held that the net income of the trusts is not taxable to petitioner, and that the securities and cash contributed to the funds held in trust are deductible from gross income as ordinary and necessary business expenses. 2. Where an inventory of goods in process and finished goods on hand at the close of a taxable year is taken at cost, it should include the amount of bonuses paid to employees who participated in the production of the goods…
1Opinion of the Court
ELGIN NATIONAL WATCH CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Elgin Nat'l Watch Co. v. Commissioner
Docket No. 19522.
United States Board of Tax Appeals
17 B.T.A. 339; 1929 BTA LEXIS 2316;
September 19, 1929, Promulgated
1. During the taxable year, petitioner created, by appropriate instruments, two trusts for the payment of pensions to former employees and officers. Held that the net income of the trusts is not taxable to petitioner, and that the securities and cash contributed to the funds held in trust are deductible from gross income as ordinary and necessary business…
2Cases cited14 opinions
- Kingsbury v. BurnsideIllinois Supreme Court · 1871
- Orr v. YatesIllinois Supreme Court · 1904
- Fox v. FoxIllinois Supreme Court · 1911
- Hagan v. VarneyIllinois Supreme Court · 1893
- Osborn v. RearickIllinois Supreme Court · 1927
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