COMPECO DYE WORKS, INC. v. COMMISSIONER

Docket No. 3066.

3 T.C.M. 778 (1944)

Compeco Dye Works, Inc. v. Commissioner.

United States Tax Court.

Entered July 19, 1944.


Attorney(s) appearing for the Case

C. F. Rothenburg, Esq., 1000 Shoreham Bldg., Washington, D. C., and Walter A. Edwards, Jr., C. P. A., for the petitioner. Lloyd W. Creason, Esq., for the respondent.


Findings of Fact and Memorandum Opinion

The Commissioner determined deficiencies for 1941 of $1,893.61 in income tax, $1,911.63 in declared value excess profits tax and $4,397.20 in excess profits tax. The petitioner assails the disallowance of $13,000.20 of the $33,000.20 salaries paid to officers.

Findings of Fact

The petitioner was organized on May 10, 1927, under the laws of Virginia, with an authorized capital of 500 shares of the par value...

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