Hagner v. Commissioner
United States Tax Court
Petitioner, an inventor, was the owner of 75 per cent of the stock and president of a corporation whose only assets were patents which were classified by the Government as secret and placed on the restricted list, the owner not being permitted to use them or license their use by others except by permission of the Government.
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Petitioner, an inventor, was the owner of 75 per cent of the stock and president of a corporation whose only assets were patents which were classified by the Government as secret and placed on the restricted list, the owner not being permitted to use them or license their use by others except by permission of the Government. As a result, the corporation was without money to pay petitioner's salary during the period 1941 to 1943, inclusive, although during that time petitioner was active in the interest of the corporation, in work for the United States Navy in an endeavor to adapt the patented…
1Opinion of the Court
OPINION.
Leech, Judge,'-.
The petitioners invoke the relief provisions of section 107 of the Internal Eevenue Code1 and ask that the $38,000 in salary received during the taxable year 1944 be prorated over that and the preceding three years in computing the tax thereon.
The record shows that petitioner Frederick H. Hagner received payment of $3,600 during the year 1941 from Archbold-Hagner, payments totaling $4,800 during each of the years 1942 and 1943, and payments totaling $4,400 for the year 1944. These payments were in addition to the $38,000 received by petitioner from the corporation in…
2Cases cited2 opinions
- Kenny v. CommissionerUnited States Tax Court · 1945
- Dean v. CommissionerUnited States Tax Court · 1948
3Cited by1 opinion
- Hagner v. CommissionerUnited States Tax Court · 1950