Booth Newspapers, Inc. v. Commissioner
United States Tax Court
The petitioner kept its books and filed its returns on the cash receipts and disbursements method of accounting, except that it did not report prepaid subscriptions in the year of receipt, but reported the amount thereof in the year that the newspapers were delivered. Held, that the respondent properly included the amount of prepaid subscriptions in income in the year of receipt.
1Opinion of the Court
OPINION.
Arundell, Judge:
The respondent has included in the petitioner’s income for each of the taxable years an amount equal to the increase in the “Paid in Advance Subscriptions” account over the sum shown in such account at the close of the preceding year. The account was a liability account, and the annual increase in such accomt was deducted on the petitioner’s returns in calculating the amount of its gross receipts.
The petitioner resists the restoration to income of the amounts excluded on account of subscriptions paid in advance on two principal grounds. First, conceding that its method…
2Cases cited6 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- United States v. LewisSupreme Court of the United States · 1951
- Hygienic Products Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1940
- Capital Warehouse Co. v. CommissionerUnited States Tax Court · 1947
1 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Beacon Publishing Company, a Kansas Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1955
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- Beacon Publishing Co. v. CommissionerUnited States Tax Court · 1954
- Heer-Andres Inv. Co. v. CommissionerUnited States Tax Court · 1951
- Alta Coop. Elevator v. CommissionerUnited States Tax Court · 1959
8 more not listed; retrieve them via the Exa API.