Glenn-Minnich Clothing Co. v. Commissioner
United States Tax Court
Pursuant to an alleged "retirement pay" contract, the corporate petitioner paid certain amounts to its vice president and his son, an employee, upon their retirement, and upon the sale of the vice president's stock to the remaining stockholders.
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Pursuant to an alleged "retirement pay" contract, the corporate petitioner paid certain amounts to its vice president and his son, an employee, upon their retirement, and upon the sale of the vice president's stock to the remaining stockholders. Held: the amounts paid were not additional compensation in consideration of or in recognition of former services and are not deductible by the corporate petitioner pursuant to section 162(a)(1) of the Internal Revenue Code of 1954. Held, further, the amounts paid to the vice president and his son were, in fact, in consideration of the sale of the vice…
1Opinion of the Court
Glenn-Minnich Clothing Company, Inc., et al. 1 v. Commissioner.
Glenn-Minnich Clothing Co. v. Commissioner
Docket Nos. 72546-72550.
United States Tax Court
T.C. Memo 1960-207; 1960 Tax Ct. Memo LEXIS 84; 19 T.C.M. (CCH) 1131; T.C.M. (RIA) 60207;
September 30, 1960
Pursuant to an alleged "retirement pay" contract, the corporate petitioner paid certain amounts to its vice president and his son, an employee, upon their retirement, and upon the sale of the vice president's stock to the remaining stockholders. Held: the amounts paid were not additional compensation in consideration of or in recognition…
2Cases cited20 opinions
- Mayson Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1949
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- Leach v. CommissionerUnited States Tax Court · 1953
- Elizabeth N. B. Ferro v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1957
- Decker v. CommissionerUnited States Tax Court · 1959
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3Cited by1 opinion
- Glazer Steel Corporation v. The United StatesUnited States Court of Claims · 1967