Gardner & Adams Co. v. Commissioner

Board of Tax Appeals

Gardner & Adams Co. v. Commissioner

2 B.T.A. 611, 1925 BTA LEXIS 2309

CourtUnited States Board of Tax Appeals

DecidedSeptember 28, 1925

DocketDocket No. 1008.

StatusPublished

Cited by1 cases

This text of 2 B.T.A. 611 (Gardner & Adams Co. v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Gardner & Adams Co. v. Commissioner, 2 B.T.A. 611, 1925 BTA LEXIS 2309 (bta 1925).

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Opinion

This is an appeal from the determination of a deficiency in income and profits tax for the fiscal year ended January 31, 1920, in an amount not stated in the petition but alleged to be less than $10,000. The taxpayer claims abnormalities so as to entitle it to assessment under the provisions of section 328.

FINDINGS OF FACT.

The taxpayer is a Utah corporation with its principal office in Salt Late City. During the taxable year ended January 31, 1920, the taxpayer paid in total officers’ salaries an amount of $12,350, which amount was 1.73 per cent of the gross sales of the taxpayer, 4.69 per eent of its gross profit, and 9.56 per cent of its net profit. The percentage of net income to gross profit was 51.98. Dividends were paid by the taxpayer during the year ended January 31, 1920, in the amount of $37,000. It is alleged in the petition but not admitted in the answer that the percentage of total profits tax determined is 30 per cent of the net income.

DECISION.

Tiie determination of the Commissioner is approved.

Aeundell not participating.

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This is an appeal from the determination of a deficiency in income and profits tax for the fiscal year ended January 31, 1920, in an amount not stated in the petition but alleged to be less than $10,000. The taxpayer claims abnormalities so as to entitle it to assessment under the provisions of section 328.

FINDINGS OF FACT.

The taxpayer is a Utah corporation with its principal office in Salt Late City. During the taxable year ended January 31, 1920, the taxpayer paid in total officers’ salaries an amount of $12,350, which amount was 1.73 per cent of the gross sales of the taxpayer, 4.69 per eent of its gross profit, and 9.56 per cent of its net profit. The percentage of net income to gross profit was 51.98. Dividends were paid by the taxpayer during the year ended January 31, 1920, in the amount of $37,000. It is alleged in the petition but not admitted in the answer that the percentage of total profits tax determined is 30 per cent of the net income.

DECISION.

Tiie determination of the Commissioner is approved.

Aeundell not participating.

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Bluebook (online)

2 B.T.A. 611, 1925 BTA LEXIS 2309, Counsel Stack Legal Research, https://law.counselstack.com/opinion/gardner-adams-co-v-commissioner-bta-1925.

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