Need Tax Advice for 1956
May 1, 2018 1:36 PM Subscribe
I had the opportunity to read some 60-year-old payroll files from a company that has been out of business for many years. Top managment in 1956 was being paid a salary plus monthly payments of $2000 for the premiums on whole life insurance policies. Was the additional $24000 a year taxed as ordinary income at the time, or was this an end run around the confiscatory income taxe rates of the period?