John A. Nelson Co. v. Commissioner
United States Board of Tax Appeals
1. Extra compensation based upon a percentage of annual net profits paid to two employees, from whom petitioner had acquired numerous patents and applications for letters patent, held, in the circumstances, to be deductible in the year in which paid. 2. By an original return filed for 1924, the petitioner changed from the accrual to the installment basis of reporting income.
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1. Extra compensation based upon a percentage of annual net profits paid to two employees, from whom petitioner had acquired numerous patents and applications for letters patent, held, in the circumstances, to be deductible in the year in which paid. 2. By an original return filed for 1924, the petitioner changed from the accrual to the installment basis of reporting income. The Commissioner adjusted petitioner's returns for several prior years to the installment basis and refunded the difference in the amount of tax paid upon the accrual basis and the amount computed upon the installment…
1Opinion of the Court
JOHN A. NELSON COMPANY (FORMERLY KNOWN AS ROCKFORD MILLING MACHINE COMPANY), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
John A. Nelson Co. v. Commissioner
Docket Nos. 32986, 44700.
United States Board of Tax Appeals
28 B.T.A. 529; 1933 BTA LEXIS 1109;
June 23, 1933, Promulgated
1. Extra compensation based upon a percentage of annual net profits paid to two employees, from whom petitioner had acquired numerous patents and applications for letters patent, held, in the circumstances, to be deductible in the year in which paid.
2. By an original return filed for 1924, the petitioner…
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- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
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- Smythe v. FiskeSupreme Court of the United States · 1874
- United States v. KelloggCourt of Appeals for the Second Circuit · 1921
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