Tower Loan of Mississippi, Inc. - Page 10

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          Id. at 403.  Moreover, in cases dealing with the concept of                 
          income, it has been assumed that the person to whom the income              
          was attributed could have received it.  Id.  The underlying                 
          assumption always has been that in order to be taxed for income,            
          a taxpayer must have complete dominion over it.  Id. (citing                
          Corliss v. Bowers, 281 U.S. 376, 378 (1930)).                               
               We understand the Supreme Court’s opinion to forbid                    
          allocation of income to a taxpayer when restrictions imposed by             
          law prohibit the taxpayer from receiving such income.  See                  
          Procter & Gamble Co. v. Commissioner, supra at 336; see also                
          Salyersville Natl. Bank v. United States, 613 F.2d 650 (6th Cir.            
          1980); Bank of Winnfield & Trust Co. v. United States, 540 F.               
          Supp. 219 (W.D. La. 1982).  Thus, if we find that Mississippi law           
          made it illegal for petitioner to receive commissions during the            
          years in issue, we must hold for petitioner.  See Procter &                 
          Gamble Co. v. Commissioner, supra at 336.                                   
               Petitioner argues that Miss. Code Ann. secs. 83-17-105 and             
          83-17-7 (1973) prohibited it from receiving commissions during              
          the years in issue.  For those years, Miss. Code Ann. sec. 83-17-           
          105 states in pertinent part:                                               
                    No insurer or agent doing business in this state                  
               shall pay, directly or indirectly, any commission or                   
               any other valuable consideration to any person for                     
               services as an agent within this state unless such                     
               person shall hold a currently valid license and                        
               certificate of authority to act as an agent, as                        
               required by the laws of such state.  Nor shall any                     
               person other than a duly licensed agent accept any such                
               commission or other valuable consideration. * * *                      

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