Carroll Furniture Co. v. Commissioner
United States Tax Court
Petitioner, a corporation engaged in the retail furniture business and regularly making sales on the installment plan, elected to compute its income from installment sales on the accrual basis for excess profits tax purposes, pursuant to section 736 (a), Internal Revenue Code.
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Petitioner, a corporation engaged in the retail furniture business and regularly making sales on the installment plan, elected to compute its income from installment sales on the accrual basis for excess profits tax purposes, pursuant to section 736 (a), Internal Revenue Code. Held: 1. The amount of $ 14,091.34 received by petitioner in 1940 as proceeds from a use and occupancy insurance contract which insured against actual loss sustained of profits in business, is includible in excess profits net income. 2. The gain realized in 1941 and 1943 from collections on accounts receivable of an…
1Opinion of the Court
OPINION.
Leech. Judge:
This proceeding involves excess profits tax deficiencies for the years 1940,1941, and 1943, in the respective amounts of $8,165.26, $26,666.05 and $5,260.68, not all of which amounts are in controversy.
The issues are:
1. Whether the amount of $14,091.34, received by petitioner in 1940 as proceeds from a use and occupancy insurance contract which insured against actual loss sustained of profits in the business, is includible in excess profits net income for that year.
2. Whether, on the accrual system of accounting, the gain realized in 1941 and 1943 from collections on…
2Cases cited2 opinions
- Palmer v. CommissionerSupreme Court of the United States · 1937
- Leo Kahn Furniture Co. v. CommissionerUnited States Tax Court · 1950
3Cited by4 opinions
- Carroll Furniture Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1952
- Carroll Furniture Co. v. CommissionerUnited States Tax Court · 1950
- Keefe v. CommissionerUnited States Tax Court · 1953
- Weinberger v. CommissionerUnited States Tax Court · 1955