H. A. Carey Co. v. Commissioner
United States Tax Court
Petitioner operates an insurance agency. It kept its books on an accrual method and returned its income in accordance with that method. During the years 1930 to 1952, inclusive, it made bookkeeping errors, the effects of which were to overstate gross income and understate accounts payable in the aggregate amount of $ 23,140.73. In 1953, petitioner discovered its error and made an adjusting entry reducing its gross income and increasing its accounts payable by that amount.
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Petitioner operates an insurance agency. It kept its books on an accrual method and returned its income in accordance with that method. During the years 1930 to 1952, inclusive, it made bookkeeping errors, the effects of which were to overstate gross income and understate accounts payable in the aggregate amount of $ 23,140.73. In 1953, petitioner discovered its error and made an adjusting entry reducing its gross income and increasing its accounts payable by that amount. Petitioner returned the reduced amount as gross income. Respondent increased petitioner's gross income by the same amount.…
1Opinion of the Court
H. A. Carey Co., Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
H. A. Carey Co. v. Commissioner
Docket No. 61679
United States Tax Court
29 T.C. 42; 1957 U.S. Tax Ct. LEXIS 65;
October 15, 1957, Filed
Decision will be entered for the respondent.
Petitioner operates an insurance agency. It kept its books on an accrual method and returned its income in accordance with that method. During the years 1930 to 1952, inclusive, it made bookkeeping errors, the effects of which were to overstate gross income and understate accounts payable in the aggregate amount of $ 23,140.73. In 1953,…
2Cases cited6 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- United States v. LewisSupreme Court of the United States · 1951
- J. E. Mergott Co. v. CommissionerCourt of Appeals for the Third Circuit · 1949
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