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FOOTE, PIERSON & COMPANY, INC. v. COMMISSIONER

Docket No. 112556.

2 T.C.M. 1007 (1943)

Foote, Pierson & Company, Inc. v. Commissioner.

United States Tax Court.

Entered November 23, 1943.

Attorney(s) appearing for the Case

Benjamin P. DeWitt, Esq., 423 Center St., South Orange, N. J., and Sidney Pepper, Esq., for the petitioner. Jonas M. Smith, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

HILL, Judge:

This proceeding is for the redetermination of deficiencies in tax for the year 1941 as follows: Income tax $11,412.91, declared value excess-profits tax $463.12, and excess-profits tax $45,761.17. In its return for the taxable year petitioner deducted as business expense "compensation of officers" in the amount of $124,943.63, of which respondent disallowed $81,029.96. The correctness of respondent's action...

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