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Veit v. Commissioner

United States Tax Court
8 T.C.M. 919 (1949)


Howard Veit (plaintiff) was the executive vice president of a cotton-goods company during 1939 and 1940. The company paid Veit a fixed salary, plus a bonus of 10 percent of the company’s profits for each respective year. The company was originally obligated to pay the bonus in 1941. In November 1940, Veit and the company agreed to defer the bonus payment until 1942. In December 1941, at the company’s request, the parties renegotiated the terms to defer the payment of the 1940 bonus over the years of 1942 through 1946. The commissioner of internal revenue (commissioner) (defendant) believed that Veit had constructively received the entirety of the 1940 bonus in 1942. As a result, the commissioner determined deficiencies in Veit’s taxes. Veit petitioned the United States Tax Court for a redetermination.

Rule of Law


Holding and Reasoning (Johnson, J.)

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