Hadley v. Commissioner
United States Board of Tax Appeals
Amounts credited by a close corporation to its principal stockholder as a distribution of earnings in the same account with other substantial credits consistently over a period of years, from which account the stockholder withdrew varying amounts at his pleasure, while another stockholder was regularly paid his distributive share of earnings in cash, and there being no evidence as to whether the return and accounts of the stockholder were on the receipts or the accrual…
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Amounts credited by a close corporation to its principal stockholder as a distribution of earnings in the same account with other substantial credits consistently over a period of years, from which account the stockholder withdrew varying amounts at his pleasure, while another stockholder was regularly paid his distributive share of earnings in cash, and there being no evidence as to whether the return and accounts of the stockholder were on the receipts or the accrual basis, held the amounts so credited are income to him.
1Opinion of the Court
LEO G. HADLEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hadley v. Commissioner
Docket No. 5383.
United States Board of Tax Appeals
6 B.T.A. 1031; 1927 BTA LEXIS 3357;
April 25, 1927, Promulgated
Amounts credited by a close corporation to its principal stockholder as a distribution of earnings in the same account with other substantial credits consistently over a period of years, from which account the stockholder withdrew varying amounts at his pleasure, while another stockholder was regularly paid his distributive share of earnings in cash, and there being no evidence as to…
2Cases cited1 opinion
- Hadley v. CommissionerUnited States Board of Tax Appeals · 1927