Boulevard Frocks, Inc. v. Commissioner
United States Tax Court
In July 1937 petitioner entered into a contract with former stockholders by which it agreed to pay each of them $12,000 in 60 equal monthly installments in consideration of the termination and cancellation of an unlimited and burdensome employment contract which was harmful to the business.
Read the full summary
In July 1937 petitioner entered into a contract with former stockholders by which it agreed to pay each of them $12,000 in 60 equal monthly installments in consideration of the termination and cancellation of an unlimited and burdensome employment contract which was harmful to the business. The July 1937 contract also provided for the continuation of an employment arrangement of the stockholders for five years, services to be rendered if requested, and the payment of $100 per month to each as compensation. Petitioner kept its books and made its income tax and excess profits return on the…
1Opinion of the Court
Boulevard Frocks, Inc. v. Commissioner.
Boulevard Frocks, Inc. v. Commissioner
Docket No. 106313.
United States Tax Court
1943 Tax Ct. Memo LEXIS 528; 1 T.C.M. (CCH) 358; T.C.M. (RIA) 43007;
January 2, 1943
In July 1937 petitioner entered into a contract with former stockholders by which it agreed to pay each of them $12,000 in 60 equal monthly installments in consideration of the termination and cancellation of an unlimited and burdensome employment contract which was harmful to the business. The July 1937 contract also provided for the continuation of an employment arrangement of the stockholders…
2Cases cited5 opinions
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1937
- Kramer v. CommissionerUnited States Board of Tax Appeals · 1933
- Olinger Mortuary Ass'n v. CommissionerUnited States Board of Tax Appeals · 1931
- Mosser v. CommissionerUnited States Board of Tax Appeals · 1933