Income Tax Keyed to Lind
Van Cleave v. United States
Taxpayer, Eugene Van Cleave, was president and majority stockholder of VanMark Corporation. He received $332,000 in salary and bonuses in 1974. The IRS determined that $57,500 of this compensation was excessive and did not allow the corporation to deduct that portion of his salary. As agreed between him and the corporation, he returned that amount in 1975. Taxpayer reported the full amount on his 1974 income tax return. On his 1975 return he calculated his liability using Section 1341 treatment. The IRS disallowed the use of Section 1341.
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