Home Indus. Iron Works v. Commissioner
United States Board of Tax Appeals
1. Disallowance of a salary deduction, for the reason that it was not reasonable compensation for services rendered, approved. 2. Commissioner's determination that bonuses paid were in reality a distribution of profits approved. 3. The fair market value on March 1, 1913, of the petitioner's buildings determined. 4. Rate for purpose of a deduction under section 234(a)(7), Revenue Act of 1918, determined.
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1. Disallowance of a salary deduction, for the reason that it was not reasonable compensation for services rendered, approved. 2. Commissioner's determination that bonuses paid were in reality a distribution of profits approved. 3. The fair market value on March 1, 1913, of the petitioner's buildings determined. 4. Rate for purpose of a deduction under section 234(a)(7), Revenue Act of 1918, determined. Deduction under section 234(a)(7), Revenue Act of 1918, on account of machinery and equipment and patterns disallowed for lack of evidence. 5. Special assessment disallowed for lack of…
1Opinion of the Court
HOME INDUSTRY IRON WORKS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Home Indus. Iron Works v. Commissioner
Docket No. 7991.
United States Board of Tax Appeals
8 B.T.A. 1267; 1927 BTA LEXIS 2691;
November 7, 1927, Promulgated
1. Disallowance of a salary deduction, for the reason that it was not reasonable compensation for services rendered, approved.
2. Commissioner's determination that bonuses paid were in reality a distribution of profits approved.
3. The fair market value on March 1, 1913, of the petitioner's buildings determined.
4. Rate for purpose of a deduction under section…
2Cases cited1 opinion
- Home Industry Iron Works v. CommissionerUnited States Board of Tax Appeals · 1927