Marts, Inc. v. Commissioner
United States Tax Court
Held, that the amount of $12,750 paid by petitioner corporation to a former executive employee constituted additional compensation to such employee, rather than purchase price of shares of petitioner corporation's stock which said employee, at the time his employment was terminated, placed in escrow for subsequent retransfer to petitioner. Said amount is, accordingly, deductible by petitioner under section 162(a)(1) of the 1954 Code.
1Opinion of the Court
Marts, Inc. v. Commissioner.
Marts, Inc. v. Commissioner
Docket No. 71700.
United States Tax Court
T.C. Memo 1960-127; 1960 Tax Ct. Memo LEXIS 161; 19 T.C.M. (CCH) 669; T.C.M. (RIA) 60127;
June 16, 1960
Held, that the amount of $12,750 paid by petitioner corporation to a former executive employee constituted additional compensation to such employee, rather than purchase price of shares of petitioner corporation's stock which said employee, at the time his employment was terminated, placed in escrow for subsequent retransfer to petitioner. Said amount is, accordingly, deductible by petitioner under…
2Cases cited3 opinions
- National Clothing Co. v. CommissionerUnited States Tax Court · 1955
- Big Lake Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Big Lake Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1938