Income Tax Keyed to Lind
Old Colony Trust Co. v. Commissioner
William Wood was president of the American Woolen Company for the years 1918 through 1920. The company instated a policy for 1919 and 1920 wherein the company would pay the taxes of the president and other company officers. The company paid $681,169.88 for 1918 and $351,179.27 for 1919 on behalf of Wood. The Board of Tax Appeals held that these amounts paid were income of Wood.
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