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KING, QUIRK & CO., INC. v. COMMISSIONER

Docket No. 72395.

20 T.C.M. 1429 (1961)

T.C. Memo. 1961-274

King, Quirk & Co., Inc. v. Commissioner.

United States Tax Court.

Filed September 29, 1961.

Attorney(s) appearing for the Case

Rollin Browne, Esq., and Cecil Browne, Esq., 30 Broad St., New York, N. Y., for the petitioner. Dean P. Kimball, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

DRENNEN, Judge:

Respondent determined deficiencies in petitioner's income tax for the taxable years ended May 31, 1954 and 1955, in the amounts of $9,337.26 and $41,137.96, respectively.1 The issues for decision are:

(1) Whether the 1955 bonuses of petitioner's three officers, when added to their fixed salaries for that taxable year, constituted unreasonable compensation.

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