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constructively receive their bonuses during the accrual year for
the following reasons: (1) During the accrual year, the
individual bonus amounts due each officer were not entered in the
books and records, credited to the officers’ accounts, or
otherwise set apart for them, and (2) payment of the bonuses was
conditioned on the taxpayer-corporation’s financial status. See
id. at 569-570.
We disagree with petitioners’ assertion that the
circumstances surrounding the accrued interest in this case are
similar to the facts of Jerome Castree Interiors, Inc. Unlike
the taxpayer-corporation in Jerome Castree Interiors, Inc.,
Menards set aside Mr. Menard’s accrued interest during the
accrual year; Menards’s TYE 1998 financial statement reported the
exact amount of interest that had accrued during the year on the
loans payable to Mr. Menard. Another difference between this
case and Jerome Castree Interiors, Inc. is that the record here
contains no evidence of any restrictions placed by Menards on the
payment of the accrued interest. Moreover, Menards’s TYE 1998
financial statement indicated that Mr. Menard’s loans to the
corporation were payable on demand.
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