White v. Commissioner
United States Tax Court
The subch. S corporation of which one of petitioners was the sole stockholder and president adopted a policy of compensation for its stockholder-president which provided for a $ 20,800 yearend bonus. The corporation accrued the bonuses at the end of its taxable year. By a yearend entry, the amount of the bonuses was credited to the president's account.
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The subch. S corporation of which one of petitioners was the sole stockholder and president adopted a policy of compensation for its stockholder-president which provided for a $ 20,800 yearend bonus. The corporation accrued the bonuses at the end of its taxable year. By a yearend entry, the amount of the bonuses was credited to the president's account. The president had an unrestricted right to draw checks on the corporation and to take in cash the total amount of the bonuses at any time after the end of the corporation's taxable year and the corporation had sufficient cash to cover the full…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in petitioners’ Federal income tax of $10,750.36 and $14,242.09 for the calendar years 1966 and 1967, respectively. One of the issues raised by the pleading has been disposed of by agreement of the parties. The only remaining issue is whether petitioners’ income from a subchapter S corporation of which Robert B. White was the sole stockholder should be increased in each of the years here in issue by an increased corporate income resulting from disallowance of a claimed corporate deduction of “Officer’s Salary” accrued in each of the years 1966…
2Cases cited6 opinions
- Fountain v. CommissionerUnited States Tax Court · 1973
- Hughes v. CommissionerUnited States Tax Court · 1964
- Fetzer Refrigerator Co. And Louisville Cooler Mfg. Co. v. United StatesCourt of Appeals for the Sixth Circuit · 1971
- A. G. Attebury Et Ux. v. United StatesCourt of Appeals for the Fifth Circuit · 1970
- F. D. Bissett & Son, Inc. v. CommissionerUnited States Tax Court · 1971
1 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Jerome Castree Interiors, Inc. v. CommissionerUnited States Tax Court · 1975
- Moser v. CommissionerUnited States Tax Court · 1989
- Long v. CommissionerUnited States Tax Court · 1989
- Congleton v. CommissionerUnited States Tax Court · 1979
- Jerome Castree Interiors, Inc. v. CommissionerUnited States Tax Court · 1975
5 more not listed; retrieve them via the Exa API.