Cannon Valley Milling Co. v. Commissioner
United States Board of Tax Appeals
During its fiscal year ended in 1937 petitioner entered into agreements with and reimbursed its vendees for a portion of processing taxes which it had included in the price of wheat products sold to them in May and June 1935. Held: (1) In order to clearly reflect petitioner's income for the fiscal year ended June 30, 1935, such reimbursements are deductible in computing its net income for that year under the provisions of section 43 of the Revenue Act of 1934. (2)…
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During its fiscal year ended in 1937 petitioner entered into agreements with and reimbursed its vendees for a portion of processing taxes which it had included in the price of wheat products sold to them in May and June 1935. Held: (1) In order to clearly reflect petitioner's income for the fiscal year ended June 30, 1935, such reimbursements are deductible in computing its net income for that year under the provisions of section 43 of the Revenue Act of 1934. (2) Respondent's determination that the special treatment provided for in section 43 should not be applied is not conclusive.
1Opinion of the Court
CANNON VALLEY MILLING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cannon Valley Milling Co. v. Commissioner
Docket No. 96330.
United States Board of Tax Appeals
44 B.T.A. 763; 1941 BTA LEXIS 1275;
June 19, 1941, Promulgated
During its fiscal year ended in 1937 petitioner entered into agreements with and reimbursed its vendees for a portion of processing taxes which it had included in the price of wheat products sold to them in May and June 1935. Held:(1) In order to clearly reflect petitioner's income for the fiscal year ended June 30, 1935, such reimbursements are…
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