Federal Machine & Welder Co. v. Commissioner
United States Tax Court
1. Income from the sale of machinery manufactured for export held not accruable in 1940 when the work was substantially completed, but in 1941, when the sale was consummated and the liability of the purchaser to pay became fixed and definite. 2. Compensation paid or accrued to petitioner's president in 1941 held not excessive. 3. Bonuses for 1940 authorized and paid to petitioner's officers and employees in 1941, and not the 1941 bonuses authorized and paid in 1942, held…
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1. Income from the sale of machinery manufactured for export held not accruable in 1940 when the work was substantially completed, but in 1941, when the sale was consummated and the liability of the purchaser to pay became fixed and definite. 2. Compensation paid or accrued to petitioner's president in 1941 held not excessive. 3. Bonuses for 1940 authorized and paid to petitioner's officers and employees in 1941, and not the 1941 bonuses authorized and paid in 1942, held accruable in 1941.
1Opinion of the Court
The Federal Machine and Welder Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Federal Machine & Welder Co. v. Commissioner
Docket No. 13715
United States Tax Court
11 T.C. 952; 1948 U.S. Tax Ct. LEXIS 25;
November 30, 1948, Promulgated
Decision will be entered under Rule 50.
1. Income from the sale of machinery manufactured for export held not accruable in 1940 when the work was substantially completed, but in 1941, when the sale was consummated and the liability of the purchaser to pay became fixed and definite.
2. Compensation paid or accrued to petitioner's president in 1941…
2Cases cited1 opinion
- Federal Machine & Welder Co. v. CommissionerUnited States Tax Court · 1948