Standard Asbestos Mfg. & Insulating Co. v. Commissioner
United States Tax Court
1. Petitioner, Standard Asbestos and Insulating Company, paid to each of its three officers for services rendered during the years 1949, 1950 and 1951, the sums of $52,232.14, $65,290.17 and $65,290.17, respectively. The officers and their families collectively held the majority of the stock in the corporation.
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1. Petitioner, Standard Asbestos and Insulating Company, paid to each of its three officers for services rendered during the years 1949, 1950 and 1951, the sums of $52,232.14, $65,290.17 and $65,290.17, respectively. The officers and their families collectively held the majority of the stock in the corporation. They performed all the duties of the major officers of a corporation and estimated, bid, and supervised the work on all contracts of over $5,000. During the 1920's and 1930's their compensation was small. Evidence was presented, inter alia, of the compensation paid to officers in other…
1Opinion of the Court
Standard Asbestos Manufacturing and Insulating Company v. Commissioner. Alice D. Ryder v. Commissioner.
Standard Asbestos Mfg. & Insulating Co. v. Commissioner
Docket Nos. 60607, 60696.
United States Tax Court
T.C. Memo 1958-42; 1958 Tax Ct. Memo LEXIS 188; 17 T.C.M. (CCH) 207; T.C.M. (RIA) 58042;
March 18, 1958
1. Petitioner, Standard Asbestos and Insulating Company, paid to each of its three officers for services rendered during the years 1949, 1950 and 1951, the sums of $52,232.14, $65,290.17 and $65,290.17, respectively. The officers and their families collectively held the majority of the…
2Cases cited13 opinions
- Lucas v. Ox Fibre Brush Co.Supreme Court of the United States · 1930
- L. Schepp Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Miles-Conley Co. v. CommissionerUnited States Tax Court · 1948
- Estate of Hellstrom v. CommissionerUnited States Tax Court · 1955
- E. B. & A. C. Whiting Co. v. CommissionerUnited States Tax Court · 1948
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