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CHARLES SCHWARTZ & COMPANY v. COMMISSIONER

Docket No. 4126.

4 T.C.M. 841 (1945)

Charles Schwartz & Company, a corporation v. Commissioner.

United States Tax Court.

Entered August 20, 1945.

Attorney(s) appearing for the Case

Bernard W. Vinissky, Esq., 10 S. La Salle St., Chicago 3, Ill., for the petitioner. Carroll Walker, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Finding that the salaries paid by petitioner to its officers in the calendar years 1940 and 1941 were excessive, respondent disallowed deductions of portions thereof and determined deficiencies in income and excess profits taxes as follows:

                                     Excess
Year                  Income Tax   Profits Tax

1940 ................ $  860.20
1941 ................  3,765.03     $8,403.13...

                    
                    
                    

                        

                            

                                
                            

                            

                                

                                    
    
                                        
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