Wright Contracting Company v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Wright Contracting Company

TUTTLE, Chief Judge.

This petition for review of a decision of the Tax Court of the United States presents the question whether the Tax Court correctly held that the taxpayer was not entitled to make a change in its accounting treatment for tax purposes of substantial items of income in the nature of “retainages” from the performance of construction contracts from the method theretofore uniformly followed by it in such a manner as to omit from income during the taxable years in question such retainages where the taxpayer had always been, and continued to be, on an accrual basis of accounting,…