Hooker Electrochemical Co. v. Commissioner
United States Tax Court
Petitioner corporation declared year end bonuses to officers and employees, to be paid unless prohibited by emergency price control legislation. Upon advice of its attorney that such payments were not prohibited under the law, checks were issued and delivered without restriction.
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Petitioner corporation declared year end bonuses to officers and employees, to be paid unless prohibited by emergency price control legislation. Upon advice of its attorney that such payments were not prohibited under the law, checks were issued and delivered without restriction. Held, amounts so paid its president and vice president, the individual petitioners here, were properly accrued by the corporations and constructively received by the individuals for tax purposes in 1942, even though the individuals on their own initiative refrained from cashing the checks until 1943, when they…
1Opinion of the Court
Hooker Electrochemical Co., Petitioner, v. Commissioner of Internal Revenue, Respondent. Edwin R. Bartlett, Petitioner, v. Commissioner of Internal Revenue, Respondent. Harry M. Hooker, Petitioner, v. Commissioner of Internal Revenue, Respondent
Hooker Electrochemical Co. v. Commissioner
Docket Nos. 10245, 10246, 10247
United States Tax Court
8 T.C. 1120; 1947 U.S. Tax Ct. LEXIS 193;
May 27, 1947, Promulgated
Decision will be entered for the petitioners.
Petitioner corporation declared year end bonuses to officers and employees, to be paid unless prohibited by emergency price control legislation.…
2Cases cited4 opinions
- Lavery v. CommissionerUnited States Tax Court · 1945
- Smith--Lustig Paper Box Mfg. Co. v. CommissionerUnited States Tax Court · 1943
- Tufts v. CommissionerUnited States Tax Court · 1946
- Hooker Electrochemical Co. v. CommissionerUnited States Tax Court · 1947