Wrightsman v. Commissioner of Internal Revenue

HUTCHESON, Circuit Judge.

Petitioner and his wife keep their books, and their tax returns are made on the cash receipts and disbursements basis. In the separate income tax returns each filed for 1936, a salary of $50,000 for that year voted to petitioner as president of the Wrights-man Oil Company, on December 30, 1936, was treated as community property, each reporting % of it as his income. The question for decision here is when, under the laws of Texas, where petitioner and his wife were on December 30th, residing, the salary was “acquired.” Was it “acquired” on the day it was voted to him…