Taxation; Deductibility of Corporate Contributions to a Group Annuity Policy and an Employee's Trust
Discussion of Lincoln Electric Company v. Commissioner of Internal Revenue, 17 Tax Court 1600 (1952): The petitioner, a manufacturing company, paid the sum of $575,206.43 into a retirement annuity policy for its employees and contributed the sum of $1,000,000.00 to an employees' trust. Held: Such payments constituted ordinary and necessary business expenses and were deductible under section 23 (a) (1)(A) of the Internal Revenue Code.
Daniel R. McCarthy, Taxation; Deductibility of Corporate Contributions to a Group Annuity Policy and an Employee's Trust, 1(2) Clev.-Marshall L. Rev. 77 (1952)