El Dorado Oil Works v. Commissioner
United States Board of Tax Appeals
Petitioner, engaged in the manufacture of coconut oil in San Francisco, purchased copra in the Philippines through its agents there, who were authorized to buy at a certain price and to whom funds were forwarded sufficient to cover the price authorized.
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Petitioner, engaged in the manufacture of coconut oil in San Francisco, purchased copra in the Philippines through its agents there, who were authorized to buy at a certain price and to whom funds were forwarded sufficient to cover the price authorized. In the years 1932 to 1935 copra was purchased at prices under those authorized and the excess of the funds advanced to petitioner's agents over the prices actually paid was retained by the agents and was carried on petitioner's books as "Manila Reserve", from which, in 1936, certain sums were transferred to petitioner's surplus. In 1937 the…
1Opinion of the Court
EL DORADO OIL WORKS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
El Dorado Oil Works v. Commissioner
Docket Nos. 102247, 102248.
United States Board of Tax Appeals
46 B.T.A. 994; 1942 BTA LEXIS 789;
April 21, 1942, Promulgated
Petitioner, engaged in the manufacture of coconut oil in San Francisco, purchased copra in the Philippines through its agents there, who were authorized to buy at a certain price and to whom funds were forwarded sufficient to cover the price authorized. In the years 1932 to 1935 copra was purchased at prices under those authorized and the excess of the funds…
2Cases cited1 opinion
- El Dorado Oil Works v. CommissionerUnited States Board of Tax Appeals · 1942