Vegetable Farms, Inc. v. Commissioner
United States Tax Court
1. On the facts, held, respondent's determinations as to reasonableness of salaries of depreciation on machinery and equipment during the taxable years and reasonable allowance for salaries in computing base period net income of petitioner's predecessor are sustained. 2. Held, under the facts of record, advances made to petitioner on open account by its officers are not includible in equity invested capital in determining petitioner's excess profits tax liability.
1Opinion of the Court
Vegetable Farms, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Vegetable Farms, Inc. v. Commissioner
Docket No. 17208
United States Tax Court
14 T.C. 850; 1950 U.S. Tax Ct. LEXIS 200;
May 16, 1950, Promulgated
Decision will be entered for the respondent.
1. On the facts, held, respondent's determinations as to reasonableness of salaries of depreciation on machinery and equipment during the taxable years and reasonable allowance for salaries in computing base period net income of petitioner's predecessor are sustained.
2. Held, under the facts of record, advances made to petitioner…
2Cases cited4 opinions
- Leonard Refineries, Inc. v. CommissionerUnited States Tax Court · 1948
- Flint Nortown Theatre Co. v. CommissionerUnited States Tax Court · 1945
- Tri-State Realty Co. v. CommissionerUnited States Tax Court · 1949
- Vegetable Farms, Inc. v. CommissionerUnited States Tax Court · 1950