Ribbon Cliff Fruit Co. v. Commissioner
United States Board of Tax Appeals
1. The books of the petitioner having been kept on the accrual basis, the respondent's action in computing income for the taxable year on such basis was in accordance with the provisions of section 212(b) of the Revenue Act of 1921. 2. Additional depreciation on the basis of a useful life of 18 years of the orchard of the petitioner on the amount of orchard costs used by the Commissioner in his determination of such depreciation already allowed. 3. Credit against…
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1. The books of the petitioner having been kept on the accrual basis, the respondent's action in computing income for the taxable year on such basis was in accordance with the provisions of section 212(b) of the Revenue Act of 1921. 2. Additional depreciation on the basis of a useful life of 18 years of the orchard of the petitioner on the amount of orchard costs used by the Commissioner in his determination of such depreciation already allowed. 3. Credit against redetermined deficiency for the taxable year on account of overpayment of tax by the petitioner for a prior year for which no…
1Opinion of the Court
*15OPINION.
Lansdon:
Petitioner alleges error on the part of respondent in computing its net income for the year under consideration, in accordance wdth the accrual method of accounting. It contends that it is privileged to adopt any method of accounting which clearly reflects its income; that it is entitled to compute its net income in accordance with the receipts and disbursements method or the *16accrual method. Respondent answers that petitioner's books of account were kept in accordance with the accrual method of accounting, and that under the provisions of section 212(b) of the Revenue Act of…
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