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ECONOMY CASH & CARRY, INC. v. COMMISSIONER

Docket No. 7373-73.

35 T.C.M. 1253 (1976)

T.C. Memo. 1976-280

Economy Cash & Carry, Inc. v. Commissioner.

United States Tax Court.

Filed September 2, 1976.

Attorney(s) appearing for the Case

Towner Leeper, for the petitioner, Executive Center, 4150 Rio Bravo, El Paso, Tex. Bernard B. Nelson, for the respondent.

Memorandum Findings of Fact and Opinion

FAY, Judge:

Respondent has determined deficiencies in the income taxes of petitioner for its fiscal years ending June 30, 1969 and June 30, 1970 in the amounts of $11,833.99 and $24,227.72, respectively.

Due to concessions, the sole issue remaining is whether payments to one of petitioner's officers constituted reasonable compensation for services actually rendered within the meaning of section 162(a)(1).

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