Income Tax Keyed to Lind
Harolds Club v. Commissioner
Harolds Club was an incorporated gaming establishment in Nevada. Raymond Smith was paid an annual salary of $350,000 to $560,000. Smith’s two sons owned all the stock in the corporation. The business was essentially a continuation of an illegal operation that Smith ran in California. Smith eventually took over managing the Club and he and his sons agreed to pay him 20% of the profits on top of an annual salary of $10,000 per year. His two sons received salaries of $60,000 to $75,000 per year.
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