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GLADSTONE-ARCUNI, INC. v. COMMISSIONER

Docket No. 85003.

21 T.C.M. 1016 (1962)

T.C. Memo. 1962-185

Gladstone-Arcuni, Inc. v. Commissioner.

United States Tax Court.

Filed August 6, 1962.

Attorney(s) appearing for the Case

Karl W. Windhorst, Esq., 125 Park Ave., New York, N. Y., for the petitioner. Warren S. Shine, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

MURDOCK, Judge:

The Commissioner determined a deficiency of $26,170.79 in income tax for the fiscal year ended June 30, 1954. The only issue for decision is whether the Commissioner erred in disallowing $38,060.44 of a deduction of $163,452.18 taken for compensation of its two officers.

Findings of Fact

The petitioner, a New York corporation, filed its Federal income tax return for its fiscal year...

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