Charles E. Smith & Sons Co. v. Commissioner of Internal Revenue

This is a petition to review a decision of •the Tax Court which (1) upheld a determination of the Commissioner finding that ■salaries paid to petitioner Hall C. Smith, president of the petitioner corporation, for the years ending July 31, 1942 and 1943, •exceeded a reasonable compensation; (2) disallowed deductions of contributions made by the corporation during the taxable years to a pension trust established in 1942 by the •corporation; and (3) held petitioner Hall C. Smith liable as transferee for deficiencies in income tax, declared value excess profits tax, excess profits tax and…