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Tax Deduction Dispute: CMHCI vs. CIR by Alljun Serenado is a document available to read on EtoBox.
The CIR disallowed a deduction claimed by CMHCI for a payment of 99,977.91php to C.M. Hoskins, its founder and controlling stockholder. The CTA upheld this disallowance, finding the payment was an inordinately large distribution of earnings and profits rather than an ordinary and necessary business expense. The Supreme Court affirmed, noting Hoskins already received substantial compensation and the payment amounted to double the company
- Author
- Alljun Serenado
- Language
- EN