Goldsmith v. Commissioner
United States Tax Court
1. Receipts from unrecorded sales were included by the Commissioner in gross income. Held, petitioners are entitled to a partially offsetting adjustment measured by the cost of such sales. Such costs determined herein under the Cohan rule.
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1. Receipts from unrecorded sales were included by the Commissioner in gross income. Held, petitioners are entitled to a partially offsetting adjustment measured by the cost of such sales. Such costs determined herein under the Cohan rule. Cf. David J. Pleason, 22 T. C. 361, 371, affirmed 226 F. 2d 732 (C. A. 7), certiorari denied 350 U.S. 1006. 2. Commissioner's disallowance of various deductions sustained where petition fails to comply with Tax Court rules calling for clear and concise assignments of error and allegations of fact sustaining such assignments (Rule 7 (c) (4)), and where…
1Opinion of the Court
OPINION.
Raum, Judge:
1. Cost of goods sold in the fiscal years ending Ju/ne 30,19ff and 19J/J5. — At the outset, it must be stressed that sales in the aggregate amounts of $276,985.70 and $222,070.52 did not appear on the partnership books for the fiscal years 1944 and 1945, respectively, and that the sales on the partnership returns for those years were understated in those amounts. This the petitioners do not controvert. They argue, however, that their costs of that merchandise were equal to the sales price, and that such costs were similarly not reflected on the books or returns, with the…
2Cases cited4 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Etta Potson Bodoglau, Administratrix of the Estate of Michael Potson, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- David Pleason v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1955
- Sheldon Rogers v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1957
3Cited by61 opinions
- Klein v. CommissionerUnited States Tax Court · 1965
- Olive v. CommissionerUnited States Tax Court · 2012
- Kahr v. CommissionerUnited States Tax Court · 1967
- Parks v. CommissionerUnited States Tax Court · 1959
- Lesser v. CommissionerUnited States Tax Court · 1964
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