Durst Productions Corp. v. Commissioner
United States Tax Court
New York State franchise tax on business corporations (article 9A of the Consolidated Laws of New York, secs. 208-219, as amended in 1944), under which computation of tax was based upon the business of the current fiscal year, and liability became fixed at that time, held properly accrued in that year, notwithstanding that the tax was not due until the following year. United States v. Anderson, 269 U.S. 422, 70 L. Ed. 347, 46 S. Ct. 131.
1Opinion of the Court
OPINION.
Opper, Judge:
Deficiencies of $736 and $4,713.26 in declared value excess pi’ofits tax and excess profits tax, respectively, for the taxable year ending May 31, 1944, are involved. The single issue is whether the New York State franchise tax, payable partly in September 1944, and partly thereafter, is deductible by an accrual basis taxpayer for its fiscal year ending prior thereto. All of the facts were stipulated and are hereby so found.
Petitioner is a New York corporation. It filed its tax returns on an accrual basis and for a fiscal year ending May 31, with the collector for the…
2Cases cited1 opinion
- United States v. AndersonSupreme Court of the United States · 1926
3Cited by3 opinions
- Central Inv. Corp. v. CommissionerUnited States Tax Court · 1947
- Central Inv. Corp. v. CommissionerUnited States Tax Court · 1947
- Durst Productions Corp. v. CommissionerUnited States Tax Court · 1947