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- Title
The Deductibility of 'Reasonable' Compensation.
- Authors
Recor, Mary
- Abstract
The article discusses cases that illustrate the deductibility of reasonable compensation in the U.S. Individuals and corporations incur expenses that the U.S. Internal Revenue Service (IRS) permits them to deduct from their income subject to taxation. The issue in Elliotts Inc. versus Commissioner was whether the amounts paid to sole shareholder Edward G. Elliott represented reasonable compensation and were attributable to his employment relationship with Elliotts or were the amounts paid because of his role as the sole shareholder of the firm.
- Subjects
UNITED States; WAGE laws; ACTIONS &; defenses (Law); TAX deductions; UNITED States. Internal Revenue Service; ELLIOTT, Edward G.; ELLIOTTS Inc.
- Publication
CPA Journal, 2009, Vol 79, Issue 4, p44
- ISSN
0732-8435
- Publication type
Article