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WALTS, INC. v. COMMISSIONER

Docket No. 6974.

6 T.C.M. 22 (1947)

Walts, Inc., a corporation v. Commissioner.

United States Tax Court.

Entered January 17, 1947.

Attorney(s) appearing for the Case

George H. Zeutzius, Esq., and A. P. G. Steffes, Esq., for the petitioner. W. J. McFarland, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

HARLAN, Judge:

The respondent determined a deficiency in the declared value excess profits tax of petitioner for the year 1942 in the amount of $1,021.20, and in excess-profits taxes for the same year in the amount of $28,690.

The questions involved are:

(1) Whether respondent correctly disallowed certain amounts as deductions by petitioner on the ground that they constituted exclusive compensation...

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