G. M. Standifer Constr. Corp. v. Commissioner
United States Board of Tax Appeals
1. Wages of employees accrued and deducted from income but unclaimed by the employees, held properly restored to income in the year in which petitioner filed certificate of dissolution and made substantial distributions to its stockholders. Following Chicago, Rock Island & Pacific Ry.
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1. Wages of employees accrued and deducted from income but unclaimed by the employees, held properly restored to income in the year in which petitioner filed certificate of dissolution and made substantial distributions to its stockholders. Following Chicago, Rock Island & Pacific Ry. Co.,13 B.T.A. 988. 2. An amount was set up on petitioner's books prior to 1924 in a so-called vouchers payable account, which in substance was a reserve for contingent liability on a claim then being litigated . The claim was settled in 1924 by petitioner paying a smaller sum than the amount of the reserve. It…
1Opinion of the Court
OPINION.
Arundell:
The respondent determined deficiencies in petitioner’s income tax for 1928 in the amount of $8,805.20. The deficiency arises from respondent’s disallowance of a portion of the net loss claimed to have been sustained in 1927. The facts were stipulated and we adopt, by reference, the stipulation as our findings of fact.
The question for decision is whether the following items, as they are designated in the stipulation, constituted income for the year 1927:
Unpaid increased wages, Contract 10_$22, 957. 41
Unpaid increased wages, wooden yard- 3,993. 68
Vouchers payable account_ 36,…
2Cases cited10 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Campbell v. HoltSupreme Court of the United States · 1885
- Weiss v. WeinerSupreme Court of the United States · 1929
- Warburton v. WhiteSupreme Court of the United States · 1900
5 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Bear Manufacturing Company v. United StatesCourt of Appeals for the Seventh Circuit · 1970
- Northwestern States Portland Cement Co. v. HustonCourt of Appeals for the Eighth Circuit · 1942
- S. Rossin & Sons v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1940
- Policy Holders Agency, Inc. v. CommissionerUnited States Tax Court · 1963
- Miller v. CommissionerUnited States Tax Court · 1981
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