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PEABODY v. COMMISSIONER

Docket Nos. 2542, 2543.

5 T.C. 426 (1945)

VAN W. PEABODY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. MADGE A. PEABODY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated July 16, 1945.

Attorney(s) appearing for the Case

Everett S. Layman, Esq., for the petitioners.

Arthur L. Murray, Esq., for the respondent.

The respondent determined deficiencies of $3,203.08 and $3,154.94 in the income taxes of petitioner Van W. Peabody and petitioner Madge A. Peabody, respectively, for the year 1941. He also determined an overassessment of $1,779.28 in each petitioner's tax for the year 1940.

The single issue is whether the amount of $20,000 representing extra compensation of petitioner Van W. Peabody credited to him in 1941 by James F. Waters, a corporation, is properly includible...

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