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LONG ISLAND DRUG CO. v. COMMISSIONER OF INTERNAL REV.

No. 238.

111 F.2d 593 (1940)

LONG ISLAND DRUG CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

May 6, 1940.

Attorney(s) appearing for the Case

Otho S. Bowling, of New York City, for petitioner.

Samuel O. Clark, Asst. Atty. Gen., and Sewall Key, Norman D. Keller, and John A. Gage, Sp. Assts. to Atty. Gen., for respondent.

Before L. HAND, AUGUSTUS N. HAND, and PATTERSON, Circuit Judges.

PATTERSON, Circuit Judge.

Long Island Drug Company, Inc., in its income tax returns for 1931, 1932 and 1933 claimed as deductions from gross income fixed salaries and percentages of profits paid to officers as compensation. The commissioner struck out the deduction of the amounts representing percentages of profits, and the Board of Tax Appeals held with the commissioner.

The company was in the wholesale drug business...

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