Geiger & Peters, Inc. v. Commissioner
United States Tax Court
The petitioner deducted as an expense on its Federal income tax returns certain amounts for salary, rent, and interest expense. Such amounts were credited on the books of the petitioner but not actually paid to the payees within 2 1/2 months after the close of the taxable year for which such amounts were claimed as deductions.
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The petitioner deducted as an expense on its Federal income tax returns certain amounts for salary, rent, and interest expense. Such amounts were credited on the books of the petitioner but not actually paid to the payees within 2 1/2 months after the close of the taxable year for which such amounts were claimed as deductions. Held, such amounts were includible in the gross income of the payees by application of the doctrine of constructive receipt and the claimed deductions are not barred by section 24 (c), I. R. C. 1939, as amended by the Technical Changes Act of 1953. Held, further, the…
1Opinion of the Court
Bruce, Judge:
The respondent determined deficiencies in the income taxes of petitioner for the years and in the amounts as follows:
rear Deficiency
1948_$16, 840.63
1949___ 18,269.90
1950_ 17,737.48
Two questions are presented: (1) Whether the amounts of interest and rent and a portion of the officers’ compensation claimed by petitioner as deductions on its returns for 1948, 1949, and 1950 are prohibited as deductions by the provisions of section 24 (c), as amended, of the Internal Eevenue Code of 1939; and (2), if not so prohibited, whether the portions of the officers’ salaries which have been…
2Cases cited11 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Mayson Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1949
- Anthony P. Miller, Inc. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1947
- Ohio Battery & Ignition Co. v. CommissionerUnited States Tax Court · 1945
- Miller Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1945
6 more not listed; retrieve them via the Exa API.
3Cited by49 opinions
- Perlmutter v. CommissionerUnited States Tax Court · 1965
- Pepsi-Cola Bottling Co. v. CommissionerUnited States Tax Court · 1974
- Metzger Trust v. CommissionerUnited States Tax Court · 1981
- R. J. Nicoll Co. v. CommissionerUnited States Tax Court · 1972
- Rotolo v. CommissionerUnited States Tax Court · 1987
44 more not listed; retrieve them via the Exa API.