Basila v. Commissioner
United States Tax Court
Petitioner Basil F. Basila was president, general manager, and principal shareholder of a company. His employment contract with the company provided for a bonus to be determined at the end of each of the company's fiscal years, October 31, to be paid to him on January 4 of the following year.
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Petitioner Basil F. Basila was president, general manager, and principal shareholder of a company. His employment contract with the company provided for a bonus to be determined at the end of each of the company's fiscal years, October 31, to be paid to him on January 4 of the following year. For the fiscal year ending October 31, 1952, the company, on an accrual basis, determined petitioner's bonus to be $ 129,692.24. Pursuant to an oral request by petitioner, the accountant estimated petitioner's total tax liability because of the bonus and credited that amount, $ 82,957.92, to a…
1Opinion of the Court
Fisher, Judge:
The respondent has determined a deficiency in petitioners’ income tax for the year 1952 of $66,817.10. In the determination of the deficiency, the respondent stated in his deficiency notice as follows: “It is determined that you constructively received income of $91,692.24 which should have been reported on your income tax return for 1952, rather than 1953.”
The sole question presented is whether Basil F. Basila, one of the petitioners herein, constructively received from a company of which he was an officer and principal shareholder, the amount of $91,692.24 (or any part…
2Cases cited8 opinions
- Robert A. Henningsen, and Cross and R.A. And Margaret Henningsen v. Commissioner of Internal Revenue, AndCourt of Appeals for the Fourth Circuit · 1957
- Deupree v. CommissionerUnited States Tax Court · 1942
- Commissioner of Internal Revenue v. OatesCourt of Appeals for the Seventh Circuit · 1953
- Dial v. CommissionerUnited States Tax Court · 1955
- Hyland v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
3 more not listed; retrieve them via the Exa API.
3Cited by38 opinions
- Albertson's, Inc. v. CommissionerUnited States Tax Court · 1990
- Humacid Co. v. CommissionerUnited States Tax Court · 1964
- Young Door Co., Eastern Div. v. CommissionerUnited States Tax Court · 1963
- Cohen v. CommissionerUnited States Tax Court · 1974
- Frelbro Corp. v. CommissionerUnited States Tax Court · 1961
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