Hughes v. Commissioner
United States Tax Court
Petitioners, on a calendar year basis, were the principal stockholders and the salaried executive officers of a closely held corporation with a fiscal year ended June 30. The corporation maintained an account for each petitioner which it reflected as a debit or a credit on its balance sheets at all times.
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Petitioners, on a calendar year basis, were the principal stockholders and the salaried executive officers of a closely held corporation with a fiscal year ended June 30. The corporation maintained an account for each petitioner which it reflected as a debit or a credit on its balance sheets at all times. The only corporate action respecting petitioners' salaries for the calendar year 1959 was a resolution authorizing $ 400 per month to each "with the understanding that a bonus will be paid as additional compensation * * * at the end of the year if the company earns a satisfactory profit."…
1Opinion of the Court
ForRestee, Judge:
Respondent has determined deficiencies in income tax for the year 1959 in the amount of $3,108.64, docket No. 2918-62, and in the amount of $3,315.59 in docket No. 2919-62. The sole issue is whether petitioners R. E. Hughes, Jr., and Calvin B. Morgan each constructively received salary in the amount of $7,500 during 1959, which was not included on petitioners’ returns for such year.
FINDINGS OF FACT
Some of the facts have been, stipulated and are so found, all stipulated facts being incorporated herein by this reference.
Petitioners are husbands and wives, all residents of…
2Cases cited24 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Burnet v. Commonwealth Improvement Co.Supreme Court of the United States · 1932
- Dalton v. BowersSupreme Court of the United States · 1932
- Klein v. Board of Tax Supervisors of Jefferson Cty.Supreme Court of the United States · 1930
- Ross v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1948
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3Cited by28 opinions
- Fountain v. CommissionerUnited States Tax Court · 1973
- Martin Fireproofing Profit-Sharing Plan & Trust v. CommissionerUnited States Tax Court · 1989
- Jerome Castree Interiors, Inc. v. CommissionerUnited States Tax Court · 1975
- Martin v. CommissionerUnited States Tax Court · 1991
- Hyplains Dressed Beef, Inc. v. CommissionerUnited States Tax Court · 1971
23 more not listed; retrieve them via the Exa API.