Wiggin v. Commissioner
United States Board of Tax Appeals
Where the principal stockholder of a corporation enters into an agreement with the corporation to serve it as president upon the basis that the net profits of the corporation shall be paid to him as compensation and the net losses of the corporation shall be sustained by such principal stockholder, and net losses are sustained, such net losses are not deductible from gross income in the individual's income-tax returns.
1Opinion of the Court
HARRY H. WIGGIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wiggin v. Commissioner
Docket Nos. 25071, 32539, 41272.
United States Board of Tax Appeals
19 B.T.A. 282; 1930 BTA LEXIS 2436;
March 14, 1930, Promulgated
Where the principal stockholder of a corporation enters into an agreement with the corporation to serve it as president upon the basis that the net profits of the corporation shall be paid to him as compensation and the net losses of the corporation shall be sustained by such principal stockholder, and net losses are sustained, such net losses are not deductible from…
2Cases cited1 opinion
- Wiggin v. CommissionerUnited States Board of Tax Appeals · 1930