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NATIONAL CREATIONS, INC. v. COMMISSIONER

Docket Nos. 34994, 34995, 34996.

12 T.C.M. 182 (1953)

National Creations, Inc. et al. v. Commissioner.

United States Tax Court.

Entered February 20, 1953.

Attorney(s) appearing for the Case

William J. Reinhart, Jr., Esq., for the petitioners. Robert Margolis, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined deficiencies in the income taxes of National Creations, Inc., of $1,221.90 for 1945, $3,890.86 for 1946 and $972.44 for 1947 and he also determined that Louis E. Pakula and Jerry Rappaport are liable for those deficiencies as transferees of the assets of the taxpayer. There are two issues for decision (1) whether deductions for officers' salaries taken by the taxpayer for 1946 and 1947 are prohibited...

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