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H & H DRILLING CO. v. COMMISSIONER

Docket No. 24030.

15 T.C. 961 (1950)

H & H DRILLING CO., INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated December 28, 1950.

Attorney(s) appearing for the Case

C. H. Garnett, Esq., for the petitioner.

D. L. Bergeron, Esq., for the respondent.

This case involves deficiencies in income and excess profits tax for the fiscal year ended February 28, 1942, in the amounts of $3,866.84 and $8,805.20, respectively. The issue is whether petitioner is entitled to a deduction in the amount of $10,000 for salary accrued to its majority stockholder. Petitioner filed its return for the taxable year with the collector for the district of Oklahoma.

FINDINGS OF FACT.

The...

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