Marble & Shattuck Chair Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner made a payment of $40,000 to its four principal stockholders as compensation for services in addition to the compensation regularly provided for each of the fiscal years ended June 30, 1920, and June 30, 1921. Thirty-seven thousand five hundred dollars of this amount was distributed in accordance with an agreement by the principal officers and stockholders prior to payment.
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1. Petitioner made a payment of $40,000 to its four principal stockholders as compensation for services in addition to the compensation regularly provided for each of the fiscal years ended June 30, 1920, and June 30, 1921. Thirty-seven thousand five hundred dollars of this amount was distributed in accordance with an agreement by the principal officers and stockholders prior to payment. Held, that $2,560 of such amount constituted a legal deduction from gross income in income-tax returns for the years in question as reasonable compensation for personal services actually rendered. 2.…
1Opinion of the Court
MARBLE & SHATTUCK CHAIR CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Marble & Shattuck Chair Co. v. Commissioner
Docket Nos. 14091, 14092, 32033.
United States Board of Tax Appeals
13 B.T.A. 657; 1928 BTA LEXIS 3213;
September 28, 1928, Promulgated
1. Petitioner made a payment of $40,000 to its four principal stockholders as compensation for services in addition to the compensation regularly provided for each of the fiscal years ended June 30, 1920, and June 30, 1921. Thirty-seven thousand five hundred dollars of this amount was distributed in accordance with an agreement by…
2Cases cited1 opinion
- Marble & Shattuck Chair Co. v. CommissionerUnited States Board of Tax Appeals · 1928