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LACY CONTRACTING COMPANY v. COMMISSIONER

Docket No. 1597-69.

56 T.C. 464 (1971)

LACY CONTRACTING COMPANY, LACO EQUIPMENT COMPANY, AND L. H. LACY COMPANY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 1, 1971.

Attorney(s) appearing for the Case

Jack Weatherly Crosland, for the petitioners.

F. Timothy Nicholls, for the respondent.

STERRETT, Judge:

For the taxable years ended June 30, 1966, and June 30, 1967, the respondent determined deficiencies in the petitioners' Federal income taxes of $3,371.56 and $1,226.84, respectively. Due to concessions by the petitioners the sole issue remaining for decision is whether the provisions of section 267(a)(2) of the Internal Revenue Code of 19541 apply so as to prevent petitioner L. H. Lacy Co. from deducting bonuses...

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