Owensby & Kritikos, Inc. v. Commissioner
United States Tax Court
During the years at issue, X and Y were corporations, and Z was a subchapter S corporation. X, Y, and Z provided a variety of services primarily to the offshore oil and gas industry. A and B were employees and the sole shareholders of X and Y. A, B, and C were employees and the sole shareholders of Z. X. Y, and Z were very successful, and A, B, and C were paid substantial amounts as compensation.
Read the full summary
During the years at issue, X and Y were corporations, and Z was a subchapter S corporation. X, Y, and Z provided a variety of services primarily to the offshore oil and gas industry. A and B were employees and the sole shareholders of X and Y. A, B, and C were employees and the sole shareholders of Z. X. Y, and Z were very successful, and A, B, and C were paid substantial amounts as compensation. Held, reasonable compensation for A, B, and C, including an amount for the value of stock options, determined.
1Opinion of the Court
OWENSBY & KRITIKOS, INC., PETRO-MARINE ENGINEERING, INC., AND SUBSIDIARIES, JOHN W. OWENSBY and DOLORES G. OWENSBY, THEODORE A. KRITIKOS and BE JO KRITIKOS, and DICK H. PINER, JR. and DOROTHY S. PINER, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Owensby & Kritikos, Inc. v. Commissioner
Docket No. 26083-82.
United States Tax Court
T.C. Memo 1985-267; 1985 Tax Ct. Memo LEXIS 371; 50 T.C.M. (CCH) 29; T.C.M. (RIA) 85267;
June 3, 1985.
During the years at issue, X and Y were corporations, and Z was a subchapter S corporation. X, Y, and Z provided a variety of services primarily to the…
2Cases cited38 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Meneguzzo v. CommissionerUnited States Tax Court · 1965
- Seymour Silverman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1976
- Mayson Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1949
33 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Richlands Medical Ass'n v. Comm'rUnited States Tax Court · 1990