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Vander Poel, Francis & Co., Inc. v. Commissioner
United States Tax Court
8 T.C. 407 (1947)
Vander Poel, Francis & Co. (corporation) (plaintiff) voted to pay salaries to its officers, Vander Poel and Francis. The corporation credited the officers’ accounts unconditionally in 1942. However, their salaries were not actually paid until after 1942. The corporation sought to deduct the full amount of the salaries credited to the accounts in 1942.
Rule of Law
Holding and Reasoning
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