Christman Co. v. Commissioner
United States Tax Court
1. Excess Profits Tax -- Equity Invested Capital -- Section 718 (a) (2), I. R. C. -- Amounts of cash and property paid in for shares must be reduced in computing equity invested capital by corresponding amounts of capital later paid out by the petitioner in reacquiring its own shares. 2. Deductions -- Officers' Salaries. -- The total amount paid to three officers, held deductible under section 23 (a) (1) (A) as reasonable compensation for services rendered.
1Opinion of the Court
The Christman Company, a Michigan Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Christman Co. v. Commissioner
Docket No. 9284
United States Tax Court
8 T.C. 679; 1947 U.S. Tax Ct. LEXIS 239;
March 31, 1947, Promulgated
Decision will be entered under Rule 50.
1. Excess Profits Tax -- Equity Invested Capital -- Section 718 (a) (2), I. R. C. -- Amounts of cash and property paid in for shares must be reduced in computing equity invested capital by corresponding amounts of capital later paid out by the petitioner in reacquiring its own shares.
2. Deductions -- Officers'…
2Cases cited3 opinions
- West Constr. Co. v. CommissionerUnited States Tax Court · 1946
- Ralphs-Pugh Co. v. CommissionerUnited States Tax Court · 1946
- Christman Co. v. CommissionerUnited States Tax Court · 1947