DEMIAN, LTD. v. COMMISSIONER

Docket No. 22241-80.

47 T.C.M. 311 (1983)

T.C. Memo. 1983-683

Demian, Ltd. v. Commissioner.

United States Tax Court.

Filed November 15, 1983.


Attorney(s) appearing for the Case

Michael R. Harris, 650 Blue Bell W., Blue Bell, Pa., for the petitioner. J. Leon Peace, for the respondent.


Memorandum Findings of Fact and Opinion

DAWSON, Chief Judge:

Respondent determined a deficiency of $72,110 in petitioner's Federal income tax for the taxable year ending December 31, 1974. The only issue for our decision is whether petitioner is entitled to deduct under section 162(a)(1)1 salary paid during the taxable year 1974 to its president in excess of the amount allowed...

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