Weinberger v. Commissioner
United States Tax Court
Taxpayer was in the business of buying cattle for slaughter and selling the dressed meat at wholesale. He did not keep a regular set of accounting records, and his return was prepared on the basis of bank deposits, cancelled checks, bills and receipts.
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Taxpayer was in the business of buying cattle for slaughter and selling the dressed meat at wholesale. He did not keep a regular set of accounting records, and his return was prepared on the basis of bank deposits, cancelled checks, bills and receipts. The respondent increased petitioner's sales for the taxable year from $267,376.02, as reported, to $392,276.23, on the theory that petitioner's cost of goods sold amounted to only 65 per cent of sales, and that petitioner realized a gross profit of 35 per cent on sales. Pertinent O.P.A. ceiling prices allowed a gross profit on sales of less…
1Opinion of the Court
Herman Weinberger v. Commissioner.
Weinberger v. Commissioner
Docket No. 20553.
United States Tax Court
T.C. Memo 1955-80; 1955 Tax Ct. Memo LEXIS 258; 14 T.C.M. (CCH) 262; T.C.M. (RIA) 55080;
April 7, 1955
Taxpayer was in the business of buying cattle for slaughter and selling the dressed meat at wholesale. He did not keep a regular set of accounting records, and his return was prepared on the basis of bank deposits, cancelled checks, bills and receipts. The respondent increased petitioner's sales for the taxable year from $267,376.02, as reported, to $392,276.23, on the theory that petitioner's…
2Cases cited6 opinions
- Continental Tie & Lumber Co. v. United StatesSupreme Court of the United States · 1932
- Maltine Co. v. CommissionerUnited States Tax Court · 1945
- John Gerber Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Dumari Textile Co. v. CommissionerUnited States Board of Tax Appeals · 1942
- Pingree v. CommissionerUnited States Board of Tax Appeals · 1941
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