Liebman-Swaney Realty Co. v. Commissioner

Board of Tax Appeals

Liebman-Swaney Realty Co. v. Commissioner

8 B.T.A. 285

CourtUnited States Board of Tax Appeals

DecidedSeptember 22, 1927

DocketDocket No. 8805

StatusPublished

This text of 8 B.T.A. 285 (Liebman-Swaney Realty 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

Liebman-Swaney Realty Co. v. Commissioner, 8 B.T.A. 285 (bta 1927).

Pincite

Opinion

[287]*287OPINION.

Lansdon :

During the taxable year the petitioner was a close corporation operating under the laws of Ohio. In the circumstances established by the evidence, we are of the opinion that the drawing accounts informally authorized by an oral agreement, to which all stockholders and directors were parties, established the liability of the petitioner for an amount of $4,400 drawn in accordance therewith as compensation or salaries of officers incurred and paid in the year 1919.

There is nothing in the record to indicate that the petitioner is entitled to have its tax liability computed under the provisions of section 328 of the Revenue Act of 1918.

Judgment wiU be entered on 10 days’ notice, under Bule 50.

Considered by Sternhagen and Arundell.

Free access — add to your briefcase to read the full text and ask questions with AI