Bradstreet Co. of Maine v. Commissioner
United States Board of Tax Appeals
1. Where books are regularly kept on a fiscal year basis, income must be reported on that basis. 2. The taxpayer's method of bookkeeping regularly used for many years reflected income more clearly than the only other method which has been suggested (accruing one-twelfth of the amount of yearly subscriptions in each month), and the Commissioner did not err in determining deficiencies on the basis of that method. 3. Paso Robles Mercantile Co.,12 B.T.A. 750, followed on…
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1. Where books are regularly kept on a fiscal year basis, income must be reported on that basis. 2. The taxpayer's method of bookkeeping regularly used for many years reflected income more clearly than the only other method which has been suggested (accruing one-twelfth of the amount of yearly subscriptions in each month), and the Commissioner did not err in determining deficiencies on the basis of that method. 3. Paso Robles Mercantile Co.,12 B.T.A. 750, followed on question of allocation of tax paid on calendar year returns to liabilities determined on fiscal year basis.
1Opinion of the Court
*1098OPINION.
Murdock:
The petitioner has apparently abandoned its second assignment of error, at least no reference to it is made in the brief. However, if any doubt exists as to whether the contention has or has not been abandoned, it is sufficient to say that the books were kept upon the basis of a fiscal year ending April 30 and the applicable provisions of the taxing statutes require that “ net income shall be computed upon the basis of the taxpayer’s annual accounting period (fiscal year or calendar year, as the case may be),” and therefore the respondent’s action in computing income upon the…
2Cases cited5 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- American National Co. v. United StatesSupreme Court of the United States · 1927
- American Hide & Leather Co. v. United StatesSupreme Court of the United States · 1932
3Cited by4 opinions
- Josef C. Patchen and Aleyne E. Patchen v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Bradstreet Co. of Maine v. CommissionerUnited States Board of Tax Appeals · 1931
- C. F. Mueller Co. v. CommissionerUnited States Board of Tax Appeals · 1939
- International Cigar Mach. Co. v. CommissionerUnited States Board of Tax Appeals · 1937