Adams v. Commissioner
United States Board of Tax Appeals
The petitioner owned substantially all of the stock of a corporation of which he was president. During the years 1922 and 1923 the corporation paid the premiums on certain life insurance policies issued on the life of the petitioner, in which the corporation was not named as beneficiary. Held that the premiums paid by the corporation on such policies constituted taxable income to the petitioner for the years involved.
1Opinion of the Court
*382OPINION.
Smith:
The only issue before us is whether the amounts of $3,299.21 and $2,515.81 constituted taxable income to the petitioner for the calendar years 1922 and 1923, respectively. In order to arrive at a decision it will be necessary to consider the nature of the premium payments from the standpoint of the petitioner, i. e., whether or not they constituted additional compensation.
Counsel for the petitioner contends that the success of The George Matthew Adams Service, Inc., was and is due to the continued maintenance of friendly relations with the authors and artists having contracts…
2Cited by20 opinions
- Miller v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1944
- Sibla v. CommissionerUnited States Tax Court · 1977
- Commissioner of Internal Revenue v. BonwitCourt of Appeals for the Second Circuit · 1937
- Frost v. CommissionerUnited States Tax Court · 1969
- Lacey v. CommissionerUnited States Tax Court · 1963
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