Legal Opinion
Long Island Drug Co. v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided May 6, 1940No. 238PublishedCited by 27 opinions
1Opinion of the Court
PATTERSON, Circuit Judge.
Long Island Drug Company, Inc., in its income tax returns for 1931, 1932 and 1933 claimed as deductions from gross income fixed salaries and percentages of profits paid to officers as compensation. The commissioner struck out the deduction of the amounts representing percentages of profits, and the Board of Tax Appeals held with the commissioner.
The company was in the wholesale drug business. Prior to 1930, 50 percent of the stock was owned by Hyman Alkon, Maurice Alkon and Bernard Mindling, the operating officers, in equal shares; the other 50 percent was owned by…
2Cases cited8 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
- Burnet v. HoustonSupreme Court of the United States · 1931
- Twin City Tile & M. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1929
- Am-Plus Storage B. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1929
3 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Pepsi--Cola Bottling Company of Salina, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1976
- Pepsi-Cola Bottling Co. v. CommissionerUnited States Tax Court · 1974
- Miles-Conley Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1949
- Home Interiors & Gifts, Inc. v. CommissionerUnited States Tax Court · 1980
- Miller Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1945
22 more not listed; retrieve them via the Exa API.