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LANDO PRODUCTS, INC. v. COMMISSIONER

Docket No. 61311.

17 T.C.M. 652 (1958)

T.C. Memo. 1958-122

Lando Products, Inc., a corporation v. Commissioner.

United States Tax Court.

Filed June 27, 1958.

Attorney(s) appearing for the Case

Paul E. Anderson, Esq., for the petitioner. Edward H. Boyle, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

This proceeding involves a deficiency in income tax of petitioner for the fiscal year ended July 31, 1951, in the amount of $36,193.25.

The issue presented is whether the sum of $91,962.62 paid or credited by petitioner to its president, Ellis A. Lando, in the fiscal year ended July 31, 1951, as compensation is reasonable within the meaning of section 23(a)(1)(A), Internal Revenue Code of 1939.

Findings of...

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