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INTERSTATE DROP FORGE COMPANY v. COMMISSIONER

Docket No. 92172.

22 T.C.M. 701 (1963)

T.C. Memo. 1963-149

Interstate Drop Forge Company v. Commissioner.

United States Tax Court.

Filed May 29, 1963.

Attorney(s) appearing for the Case

Thomas J. Donnelly, Jr., 756 N. Milwaukee Ave., Milwaukee, Wis., and Patrick W. Cotter for the petitioner. William J. Wise for the respondent.

Memorandum Findings of Fact and Opinion

DAWSON, Judge:

Respondent determined a deficiency in the income tax of petitioner for the year 1957 in the amount of $15,600. The sole issue for decision is whether petitioner is entitled to deduct from income for the year 1957 a $30,000 payment which it made during the year to the widow of Charles E. Stone, its deceased president, "in gratitude for his outstanding service to the corporation."

Findings of...

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