Lakeside Petroleum Co. v. United States

WOODWARD, District Judge.

The plaintiff, during the year 1919, was a broker of fuel oils. It kept its books on a cash receipts and disbursements basis. It purchased fuel oil at a certain figure and then entered into contracts of sale for the same amount of oil. When the oil was shipped it gave in payment a bill of acceptance or a note. The oil was shipped directly to the purchaser who paid plaintiff for it upon its receipt. At the end of the year 1919, the plaintiff had a number of contracts for the purchase of oil from the Milliken Company, the principal company from which it purchased its…