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GILMAN PAPER COMPANY v. COMMISSIONER

Docket No. 62018.

19 T.C.M. 81 (1960)

T.C. Memo. 1960-13

Gilman Paper Company v. Commissioner.

United States Tax Court.

Filed February 5, 1960.

Attorney(s) appearing for the Case

Joseph J. Klein, Esq., 42nd Street, New York, N. Y., for the petitioner. Clarence P. Brazill, Jr., for the respondent.

Memorandum Findings of Fact and Opinion

TRAIN, Judge:

Respondent determined deficiencies in petitioner's income tax for the calendar years 1951 and 1952 in the respective amounts of $127,544.74 and $1,785.77. It has since been stipulated that there is no deficiency for 1952.

The sole issue for decision is whether respondent erred in disallowing the deduction in 1951 of $140,000 as compensation of petitioner's president, Charles Gilman.

Findings...

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