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COOKED FOODS, INC. v. COMMISSIONER

Docket No. 7017.

6 T.C.M. 876 (1947)

Cooked Foods, Inc. v. Commissioner.

United States Tax Court.

Entered July 25, 1947.

Attorney(s) appearing for the Case

William B. Paul, Esq., and Edward R. Lawrence, Esq., 1409 Park Blvd., Pittsburgh, Pa., for the petitioner. George C. Lea, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

OPPER, Judge:

Involved in this proceeding is a deficiency in excess-profits tax for the year 1942 in the amount of $41,113.55. The deficiency results from respondent's disallowance as a deduction of bonus payments, totaling $48,488.81, made by petitioner to two of its officers, its sole equal stockholders, as being excessive compensation and a distribution of profits.

Findings of Fact

Petitioner,...

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