S. W. Anderson Co. v. Glenn

SWINFORD, District Judge.

This is an action brought by the S. W. Anderson Company, a corporation, to recover certain income tax payments declared to be due and collected for the years of 1935 and 1936 under the Internal Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Code, § 23, which reads as follows :

“In computing net income there shall be allowed as deductions: * * *

“All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered; * * *.”