Markson Bros. v. Commissioner
United States Tax Court
Petitioner, on a calendar year basis, was engaged in installment selling and at all times computed ordinary income under section 44 (a) of the Internal Revenue Code.
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Petitioner, on a calendar year basis, was engaged in installment selling and at all times computed ordinary income under section 44 (a) of the Internal Revenue Code. It elected under section 736 (a), for the purposes of the excess profits tax, to compute income on the accrual basis in lieu of the basis provided by section 44 (a), and on that basis included in its taxable excess profits income gross profits included in uncollected installment accounts receivable (from installment sales made after January 1, 1940). Held, that such gross profits were properly included in "accumulated earnings…
1Opinion of the Court
OPINION.
Disney, Judge:
These cases, duly consolidated, involve excess profits taxes for the calendar years 1940 to 1943, inclusive. Deficiencies were determined for those years in the respective amounts of $16,211.70, $61,464.83, and $32,494.54. The year 1942 is involved because of petitioner’s claim to an increased excess profits credit carry-back. The parties are agreed that the year 1940 is not longer in issue. Two questions are presented: (1) Whether after election under section 736 (a), Internal Revenue Code, the Commissioner erred in denying inclusion of uncollected profits on…
Also in this document: Concurrence.
2Cases cited4 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- J. L. Goodman Furniture Co. v. CommissionerUnited States Tax Court · 1948
- Kimbrell's Home Furnishings, Inc. v. CommissionerUnited States Tax Court · 1946
- Hart Furniture Co. v. CommissionerUnited States Tax Court · 1949
3Cited by3 opinions
- Leo Kahn Furniture Co. v. CommissionerUnited States Tax Court · 1950
- Leo Kahn Furniture Co. v. CommissionerUnited States Tax Court · 1950
- Markson Bros. v. CommissionerUnited States Tax Court · 1950