Whitney Mfg. Co. v. Commissioner
United States Tax Court
1. South Carolina property taxes which became due and payable January 1 of each year held properly accruable on a month to month basis by an accrual basis taxpayer. 2. Unused excess profits credits carry-back from 1943 and 1944 to 1942 allowed taxpayer, which on March 3, 1942, sold its principal assets but took no steps to dissolve and continued to operate a portion of its business throughout 1943 and 1944.
1Opinion of the Court
OPINION.
LeMere, Judge-.
The respondent’s contentions with respect to the deduction of the South Carolina property taxes are that petitioner, being on an accrual basis, was required to accrue the full amount of taxes for each calendar year on January 1, when they accrued and became a lien upon the property under South Carolina law.
Petitioner’s method of accruing the taxes month by month has been recognized as a sound accounting practice in a number of cases, including Citizens Hotel Co. v. Commissioner, 127 Fed. (2d) 229; Commissioner v. Schock, Gusmer & Co., 137 Fed. (2d) 750; Allen v. Atlanta…
2Cases cited5 opinions
- Weir Long Leaf Lumber Co. v. CommissionerUnited States Tax Court · 1947
- Rite-Way Products, Inc. v. CommissionerUnited States Tax Court · 1949
- Atlantic C. L. R. Co. v. CommissionerUnited States Tax Court · 1944
- Gorman Lumber Sales Co. v. CommissionerUnited States Tax Court · 1949
- Winter & Co. v. CommissionerUnited States Tax Court · 1949
3Cited by13 opinions
- A B C Brewing Corporation (Formerly Aztec Brewing Co.), a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- A B C Brewing Corp. v. CommissionerUnited States Tax Court · 1953
- Broida, Stone & Thomas, Inc. v. United StatesDistrict Court, N.D. West Virginia · 1962
- Wheeler Insulated Wire Co. v. CommissionerUnited States Tax Court · 1954
- Coca-Cola Bottling Co. v. CommissionerUnited States Tax Court · 1952
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