Helvering v. National Contracting Co.

WOODROUGH, Circuit Judge.

This ease is presented on petition to review that part of the decision of the Board of Tax Appeals, 25 B. T. A. 407, in which the Board refused to assess income tax deficiencies against the National Contracting Company for the years 1923 and 1924.

The Commissioner of Internal Revenue claimed that the contracting company had completed certain building contracts during those years, and that it was required to make return of the income as provided by Treasury Regulation 65, article 36 (b), winch says: “(b) Gross income may be reported in the taxable year in which the…