Quartz Laboratories, Inc. v. Secretary of War
United States Tax Court
Certain individuals organized a corporation to engage in the manufacture of crystals for radio and radar sets under renegotiable war contracts. During the taxable year the corporation paid them $ 139,098.82 as compensation for personal services.
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Certain individuals organized a corporation to engage in the manufacture of crystals for radio and radar sets under renegotiable war contracts. During the taxable year the corporation paid them $ 139,098.82 as compensation for personal services. The respondent determined that the compensation paid them was unreasonable, and that the corporation had excessive profits for the taxable year of $ 60,000. Held, the compensation paid such individuals was unreasonable in view of the services rendered by them and respondent correctly determined the corporation's excessive profits for the taxable year…
1Opinion of the Court
Quartz Laboratories, Inc., a Corporation Bankrupt, William B. Bostian, Trustee in Bankruptcy, Petitioner, v. Secretary of War and/or War Contracts Price Adjustment Board, Respondent
Quartz Laboratories, Inc. v. Secretary of War
Docket No. 332-R
United States Tax Court
11 T.C. 626; 1948 U.S. Tax Ct. LEXIS 57;
October 18, 1948, Promulgated
Certain individuals organized a corporation to engage in the manufacture of crystals for radio and radar sets under renegotiable war contracts. During the taxable year the corporation paid them $ 139,098.82 as compensation for personal services. The respondent…
2Cases cited1 opinion
- Quartz Laboratories, Inc. v. Secretary of WarUnited States Tax Court · 1948