Jamaica Water Supply Co. v. Commissioner
United States Board of Tax Appeals
1. Where petitioner, on the accrual basis, furnishing water hydrant service to the city of New York for the years 1923 to 1928, inclusive, sought an annual rental of $45 per hydrant therefor, but received and accrued a rental of $1,, the city contesting the difference, and litigation of this controversy was settled in December 1933, during the taxable period in question, the amount of settlement being received shortly thereafter, held, that the amount of settlement is…
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1. Where petitioner, on the accrual basis, furnishing water hydrant service to the city of New York for the years 1923 to 1928, inclusive, sought an annual rental of $45 per hydrant therefor, but received and accrued a rental of $1,, the city contesting the difference, and litigation of this controversy was settled in December 1933, during the taxable period in question, the amount of settlement being received shortly thereafter, held, that the amount of settlement is taxable to petitioner in year of settlement. 2. Where petitioner in taxable period received refunds of compensation insurance…
1Opinion of the Court
*363OPINION.
Issue 1.
Opper :
Whether petitioner is taxable upon the contested income in the tax year in which the controversy concerning it was settled appears to depend upon whether that income was properly accruable at some previous time; for, if it was, respondent having expressly waived the defense of estoppel, there would be no reason for taxing it now. On the other hand, the income wag unqualifiedly recognized as owing in the year before us. Accordingly, if it was not properly accruable in prior years there can be little doubt that it was then chargeable to petitioner.
The point of time when…
2Cases cited2 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Lucas v. American Code Co.Supreme Court of the United States · 1930
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- A. S. Wikstrom, Inc. v. CommissionerUnited States Tax Court · 1969
- Mel Dar Corp. v. CommissionerUnited States Tax Court · 1960
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