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PEPSI-COLA BOTTLING CO. OF SALINA, INC. v. COMMISSIONER

Docket No. 6362-72.

61 T.C. 564 (1974)

PEPSI-COLA BOTTLING COMPANY OF SALINA, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 29, 1974.

Attorney(s) appearing for the Case

Thomas J. Kennedy, for the petitioner.

Joe K. Gordon, for the respondent.

FORRESTER, Judge:

Respondent has determined deficiencies in the income taxes of the petitioner for the calendar years 1968, 1969, and 1970 in the respective amounts of $35,158.05, $47,859.44, and $50,783.89. The sole issue now remaining for our decision is whether the salary paid by petitioner to its president and sole stockholder, Verla Nesbitt Joscelyn, was excessive to the extent that it exceeded $40,000 for each of the years in issue.

FINDINGS...

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