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HYPLAINS DRESSED BEEF, INC. v. COMMISSIONER

Docket No. 2559-68.

56 T.C. 119 (1971)

HYPLAINS DRESSED BEEF, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 21, 1971.

Attorney(s) appearing for the Case

George Voss, for the petitioner.

G. Phil Harney, for the respondent.

TIETJENS, Judge:

The Commissioner determined deficiencies in petitioner's Federal income tax for taxable years 1964 and 1965 in the respective amounts of $40,321.48 and $13,704. The sole issue confronting us is whether officers' salaries of $55,650 and $27,300, accrued for 1964 and 1965 respectively, are prohibited from being deducted by section 267, I.R.C. 1954.1

FINDINGS OF FACT...

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