Sugar Creek Coal & Mining Co. v. Commissioner
United States Board of Tax Appeals
Where advance mining royalties are not included in gross income in the years in which received by reason of the fact that they were credited to a reserve account, and the statute of limitations has operated against the assessment and collection of the deficiencies for such years, and they are taken into the profit and loss account of the taxable year, held that the taxpayer is estopped to deny that they constitute taxable income of the year in which credited to the profit…
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Where advance mining royalties are not included in gross income in the years in which received by reason of the fact that they were credited to a reserve account, and the statute of limitations has operated against the assessment and collection of the deficiencies for such years, and they are taken into the profit and loss account of the taxable year, held that the taxpayer is estopped to deny that they constitute taxable income of the year in which credited to the profit and loss account.
1Opinion of the Court
*421OPINION.
Smith:
This is a proceeding for the redetermination of a deficiency in income tax for the fiscal year ended May 31, 1931, of $67,535.47. The issue presented is whether advance mining royalties, not included in gross income for the years in which received by reason of the fact that they were credited to a reserve account upon the petitioner’s books of account, should be included in the gross income of the year in which they were credited to the petitioner’s profit and loss account where the statute of limitations has operated against the assessment and collection of deficiencies for the…
2Cases cited9 opinions
- Davis v. WakeleeSupreme Court of the United States · 1895
- R. H. Stearns Co. v. United StatesSupreme Court of the United States · 1934
- Casey v. GalliSupreme Court of the United States · 1877
- Miller v. GearinCourt of Appeals for the Ninth Circuit · 1919
- Magee v. United StatesSupreme Court of the United States · 1931
4 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Grand Central Public Market, Inc. v. United StatesDistrict Court, S.D. California · 1938
- Gudenschwager v. CommissionerUnited States Tax Court · 1989
- Gudenschwager v. CommissionerUnited States Tax Court · 1988
- Sugar Creek Coal & Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1934