Weiss v. COMMISSIONER OF INTERNAL REVENUE, Docket No. 10059.
Decision Date | 08 July 1927 |
Docket Number | Docket No. 10059. |
Parties | PAUL E. WEISS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. |
Court | U.S. Board of Tax Appeals |
Paul E. Weiss pro se.
W. F. Gibbs, Esq., for the respondent.
This is a proceeding for the redetermination of a deficiency in income and profits taxes for 1922. The amount in controversy is a part of the deficiency amounting to $538.46. No testimony was introduced, all of the facts being stipulated.
FINDINGS OF FACT.
The petitioner is an individual residing in Cook County, Illinois. He reported in his income-tax return for 1922 income from the Weiss-Meyer Co. in the sum of $2,000.
The following transactions took place between the petitioner and the Weiss-Meyer Co. during the year 1922 as shown in the personal account of the petitioner on the books of the Weiss-Meyer Co.:
PAUL E. WEISS, PERSONAL ACCOUNT DEBITS. | CREDITS | 1922 | 1922 | Apr. 25. Cash _________ $500.00 | Jan. 31. Compensation ______ $450.00 June 14. Cash _________ 500.00 | Feb. 28. Compensation ______ 450.00 July 8. Cash _________ 2,000.00 | Mar. 31. Compensation ______ 450.00 Aug. 14. Cash _________ 500.00 | Apr. 30. Compensation ______ 450.00 Sept. 8. Cash _________ 1,500.00 | May. 31. Compensation ______ 450.00 Oct. 14. Cash _________ 1,000.00 | June 30. Compensation ______ 450.00 23. Cash _________ 500.00 | July 31. Compensation ______ 450.00 | Aug. 31. Compensation ______ 450.00 | Sept. 30. Compensation ______ 450.00 | 20. Cash ______________ 3,500.00 | Oct. 31. Cash ______________ 1,000.00 | Oct. 31. Compensation ______ 450.00 | Nov. 30. Compensation ______ 450.00 | Dec. 31. Compensation ______ 450.00 ________ | ________ 6,500.00 | 9,900.00
A synopsis of the above account is as follows:
Total compensation credited to petitioner ____________________ $5,400 Total cash credit to petitioner ______________________________ 4,500 Total cash withdrawn _________________________________________ 6,500
The petitioner reported his income for the year 1922 on the receipts and disbursements basis.
In the determination of the deficiency under appeal the respondent included income from the Weiss-Meyer Co. in the sum of $6,500.
The petitioner claims that the original amount reported by him in the sum of $2,000 is the net amount received by him from the Weiss-Meyer Co. and is the correct amount to be included in his income for 1922 from this source.
It is stipulated that certain transactions took place between the petitioner and the Weiss-Meyer Co. as shown in his account on the books. On the basis of that stipulation we are asked to determine what income the petitioner received in 1922 from that company.
It appears from the stipulation that there are two bases upon which the petitioner became entitled to receive money from the company during the year involved. He was...
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