Kahuku Plantation Co. v. Commissioner
United States Board of Tax Appeals
1. Under the Revenue Act of 1918, held, a taxpayer is entitled to make its returns of income upon the basis on which its accounts are kept, if such accounts accurately reflect its income. 2. The petitioner was engaged in raising and marketing sugar cane. The planting, cultivation, and marketing of its crop extended over three taxable years. It kept its accounts on the "crop basis" of accounting.
Read the full summary
1. Under the Revenue Act of 1918, held, a taxpayer is entitled to make its returns of income upon the basis on which its accounts are kept, if such accounts accurately reflect its income. 2. The petitioner was engaged in raising and marketing sugar cane. The planting, cultivation, and marketing of its crop extended over three taxable years. It kept its accounts on the "crop basis" of accounting. Held, that an amount received for losses to a crop, caused by a strike, is to be accounted for in the same manner as any other receipt from the crop. 3. "Crop basis" of accounting discussed.
1Opinion of the Court
KAHUKU PLANTATION CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kahuku Plantation Co. v. Commissioner
Docket No. 19156.
United States Board of Tax Appeals
12 B.T.A. 977; 1928 BTA LEXIS 3415;
June 29, 1928, Promulgated
1. Under the Revenue Act of 1918, held, a taxpayer is entitled to make its returns of income upon the basis on which its accounts are kept, if such accounts accurately reflect its income.
2. The petitioner was engaged in raising and marketing sugar cane. The planting, cultivation, and marketing of its crop extended over three taxable years. It kept its accounts on…
2Cases cited1 opinion
- Kahuku Plantation Co. v. CommissionerUnited States Board of Tax Appeals · 1928