A. C. Monk & Co. v. Commissioner
United States Tax Court
Petitioner, a corporate resident of the United States, maintained during the taxable years a branch or sales agency in China. It paid to its sales agent, a Chinese national, interest on deposits made by him. These payments were made by checks drawn by it on its bank accounts in Chinese banks and were charged on its books to the expenses of its Chinese branch.
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Petitioner, a corporate resident of the United States, maintained during the taxable years a branch or sales agency in China. It paid to its sales agent, a Chinese national, interest on deposits made by him. These payments were made by checks drawn by it on its bank accounts in Chinese banks and were charged on its books to the expenses of its Chinese branch. Held, the interest thus paid constituted income to the Chinese national from sources within the United States and petitioner should have withheld a tax therefrom.
1Opinion of the Court
A. C. Monk & Company, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
A. C. Monk & Co. v. Commissioner
Docket No. 10750
United States Tax Court
10 T.C. 77; 1948 U.S. Tax Ct. LEXIS 290;
January 14, 1948, Promulgated
Decision will be entered for the respondent.
Petitioner, a corporate resident of the United States, maintained during the taxable years a branch or sales agency in China. It paid to its sales agent, a Chinese national, interest on deposits made by him. These payments were made by checks drawn by it on its bank accounts in Chinese banks and were charged on its books to…
2Cases cited5 opinions
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Commissioner v. Lane-Wells Co.Supreme Court of the United States · 1944
- British-American Tobacco Co. v. HelveringSupreme Court of the United States · 1934
- Palm Beach Trust Co. v. CommissionerUnited States Tax Court · 1947
- A. C. Monk & Co. v. CommissionerUnited States Tax Court · 1948