HAMMOND LEAD PRODUCTS, INC. v. COMMISSIONER

Docket No. 913-67.

28 T.C.M. 54 (1969)

T.C. Memo. 1969-14

Hammond Lead Products, Inc. v. Commissioner.

United States Tax Court.

Filed January 16, 1969.


Attorney(s) appearing for the Case

Lester M. Ponder, 1313 Merchants Bank Bldg., Indianapolis, Ind., and Owen Crumpacker for the petitioner. Wayne I. Chertow and James J. McGrath, for the respondent.


Memorandum Findings of Fact and Opinion

DAWSON, Judge:

Respondent determined deficiencies in petitioner's Federal income taxes as follows:

  Taxable Year Ended     Deficiency

  July 31, 1963 .....    $22,016.48
  July 31, 1964 .....     34,043.96
  July 31, 1965 .....     43,738.93

After concessions by both parties, the sole remaining issue is whether amounts paid by petitioner to its two chief executives constituted reasonable...

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