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FIRST NATIONAL BANK OF McALLEN v. COMMISSIONER

Docket No. 23926.

9 T.C.M. 166 (1950)

First National Bank of McAllen v. Commissioner.

United States Tax Court.

Entered March 6, 1950.

Attorney(s) appearing for the Case

Howard J. Stafford, Jr., Esq., Bentsen Bldg., McAllen, Tex., and Orville I. Cox, Esq., for the petitioner. J. P. Crowe, Esq., for the respondent.

Memorandum Opinion

ARUNDELL, Judge:

The Commissioner determined deficiencies in income taxes for the calendar years 1946 and 1947 in the respective amounts of $3,287.38 and $3,789.50.

The basis of the respondent's determination was his disallowance of deductions covering compensation paid to petitioner's board of directors during each of the taxable years. The amount paid and sought to be deducted was at the rate of $1,200 per year for each of the...

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