Ganahl Lumber Co. v. Commissioner
United States Board of Tax Appeals
METHOD OF ACCOUNTING FOR LOSSES FROM BAD DEBTS. - Where it appears that a change to the reserve method of accounting for bad debts was plainly evident upon the return filed by the petitioner for 1922 and such method, after field investigation, was accepted by the Commissioner, held, the same method should be followed in computing net income for 1923.
1Opinion of the Court
*119OPINION.
Trttssell :
We are required in this case to decide upon the method of accounting with reference to losses from bad debts which is properly to be followed for income-tax purposes in computing the net income of the petitioner for the taxable year. Petitioner appears to be a fortunate and well managed concern in that the losses from bad debts are comparatively insignificant. Nevertheless, the parties are in disagreement relative thereto, The record contains no hint that either the actual losses or the amounts of the reserve for bad debts were inaccurate or unreasonable. We are concerned…
2Cited by6 opinions
- S. Rossin & Sons v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1940
- Barber v. CommissionerUnited States Tax Court · 1975
- Barber v. CommissionerUnited States Tax Court · 1975
- Ganahl Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Grolier Soc'y Inc. v. CommissionerUnited States Tax Court · 1953
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