Kaw Dehydrating Co. v. Commissioner
United States Tax Court
Petitioner relies upon a corporate resolution providing only that bonuses for two corporate officers were discussed, as supporting its deduction of said bonuses as accrued and constructively received by the officers within the intendment of sec. 267, I.R.C. 1954. Held: No definitive corporate action was taken. Other facts do not support petitioner's contentions for accrual and constructive receipt.
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Petitioner relies upon a corporate resolution providing only that bonuses for two corporate officers were discussed, as supporting its deduction of said bonuses as accrued and constructively received by the officers within the intendment of sec. 267, I.R.C. 1954. Held: No definitive corporate action was taken. Other facts do not support petitioner's contentions for accrual and constructive receipt. The bonuses were not due and owing to the officers within petitioner's taxable year and the period of 2 1/2 months thereafter.
1Opinion of the Court
Forrester, Judge:
Respondent has determined a deficiency in petitioner’s Federal income tax for the calendar year 1973 in the amount of $29,693.62. The sole remaining issue is whether the amount of $61,739.06 claimed deductible as accrued bonuses for two of petitioner’s controlling cash basis shareholders was constructively received by them within petitioner’s taxable year and 2y2 months thereafter within the intendment of section 267.1
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. Petitioner is a corporation organized and existing under the laws of the State of…
2Cases cited9 opinions
- Avery v. CommissionerSupreme Court of the United States · 1934
- E. J. Benes & Co. v. CommissionerUnited States Tax Court · 1964
- Elmer J. Benes and Frances M. Benes, E. J. Benes & Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1966
- Basila v. CommissionerUnited States Tax Court · 1961
- Young Door Co., Eastern Div. v. CommissionerUnited States Tax Court · 1963
4 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Martin v. CommissionerUnited States Tax Court · 1991
- Furstenberg v. CommissionerUnited States Tax Court · 1984
- Gaines v. CommissionerUnited States Tax Court · 1982
- Furstenberg v. CommissionerUnited States Tax Court · 1984
- Kaw Dehydrating Co. v. CommissionerUnited States Tax Court · 1980
2 more not listed; retrieve them via the Exa API.