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S. STEINBERG & COMPANY v. COMMISSIONER

Docket No. 106605.

1 T.C.M. 73 (1942)

S. Steinberg & Company v. Commissioner.

United States Tax Court.

Entered November 9, 1942.

Attorney(s) appearing for the Case

F. E. Hagler, Esq., and Ed. M. Lowrance, Esq., for the petitioner. Frank M. Thompson, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined an income tax deficiency of $9,989.55 for the fiscal year ended June 30, 1937. The matters in dispute are (1) whether the Commissioner properly disallowed the claimed deduction of a $10,000 bonus paid to petitioner's officers as additional compensation for services, and (2) whether petitioner's transactions in hide futures contracts were hedges, thereby entitling it to deduct in full the losses...

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