Veenstra & De Haan Coal Co. v. Commissioner
United States Tax Court
In 1943 petitioner, which was engaged in the business of selling coal at retail and was on an accrual basis, received deposits from customers on contracts to sell and deliver coal at retail prices prevailing at time of sale.
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In 1943 petitioner, which was engaged in the business of selling coal at retail and was on an accrual basis, received deposits from customers on contracts to sell and deliver coal at retail prices prevailing at time of sale. As of December 31, 1943, these deposits, subject to application on sales to be made in 1944, amounted to approximately $ 11,000. At that time petitioner had on hand only a small amount of coal, did not know whether it would be able to obtain the coal wanted by its customers, did not know the wholesale price at which it could be purchased if available, and did not know…
1Opinion of the Court
OPINION.
KeRN, Judge:
As a result of the wartime conditions prevailing in 1943, petitioner, which was engaged in the business of buying coal and coke at wholesale and selling these commodities at retail, desired to have its customers indicate their needs in advance and was able to obtain deposits from its customers to be applied on the price of coal and coke to be charged by petitioner when and if the coal and coke was sold and delivered to them. As of December 31, 1943, petitioner had on hand the amount of $11,380.93 representing the balance of deposits made in 1943 which either was applicable…
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