Jemison v. Commissioner
United States Board of Tax Appeals
1. DEDUCTIONS FROM INCOME. - Outstanding liabilities for freight charges on shipments of lumber were accrued upon the books at the end of each year with substantial accuracy and are held to be deductible. 2. ID. - Liability for interest on outstanding indebtedness accrued upon the books at the end of the year held to be deductible.
1Opinion of the Court
*402OPINION'.
Trttssell :
The issues relate to the computation of the net income for 1920,1921, and 1922 of a partnership in which the petitioner was interested and with respect to which he is required to include in his return his distributive share. The year 1921 is involved through a net loss of the petitioner which was carried forward to 1922.
The first question is a matter of the deduction of expenses for transportation charges on shipments from the partnership to its customers. The ultimate liability of the partnership is unquestioned; the deductibility of the expense is undisputed; we are…
2Cases cited1 opinion
- United States v. AndersonSupreme Court of the United States · 1926
3Cited by16 opinions
- Harrold v. Commissioner of Internal Revenue. Cromling v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1951
- Gunderson Bros. Engineering Corp. v. CommissionerUnited States Tax Court · 1964
- Luhring Motor Co. v. CommissionerUnited States Tax Court · 1964
- James Bros. Coal Co. v. CommissionerUnited States Tax Court · 1964
- Zidanic v. CommissionerUnited States Tax Court · 1982
11 more not listed; retrieve them via the Exa API.