Yuba Gardens, Inc. v. Commissioner
United States Tax Court
Excess Profits Tax -- Section 721 -- Abnormal Income -- Periodic Payments on Sale of Real Estate -- Income Attributable to Other Years. -- Prior to the taxable years, the petitioner sold parcels of land under contracts under which annual payments were to be made over a period of 10 years.
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Excess Profits Tax -- Section 721 -- Abnormal Income -- Periodic Payments on Sale of Real Estate -- Income Attributable to Other Years. -- Prior to the taxable years, the petitioner sold parcels of land under contracts under which annual payments were to be made over a period of 10 years. In 1942 and 1943, the petitioner, who reported income on a cash basis, received periodic payments in excess of those currently due in each year, additional payments representing arrearages, and accelerated payments. It consequently realized "abnormal income" from the payments received in the taxable years.…
1Opinion of the Court
OPINION.
HaRkon, Judge:
The sole question is whether the petitioner realized in 1942 and 1943 “net abnormal income” in the respective amounts of $18,485.98 and $9,920.09, which is attributable to other years within the meaning of section 721 (b) of the Code.
The petitioner contends that the above amounts of income were abnormal in size under section 721 (a) (1) and are attributable to years before or after the taxable years. The petitioner contends that this income is attributable to the years that the periodic payments which resulted in the abnormal income became due and payable under the terms…
2Cases cited7 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Geyer, Cornell & Newell, Inc. v. CommissionerUnited States Tax Court · 1946
- Premier Products Co. v. CommissionerUnited States Tax Court · 1943
- R. C. Harvey Co. v. CommissionerUnited States Tax Court · 1945
- E. T. Slider, Inc. v. CommissionerUnited States Tax Court · 1945
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Continental Can Company, Inc. v. The United StatesUnited States Court of Claims · 1970
- Triboro Coach Corp. v. CommissionerUnited States Tax Court · 1958
- Bell Aircraft Corp. v. CommissionerUnited States Tax Court · 1959
- Bell Aircraft Corp. v. CommissionerUnited States Tax Court · 1959
- Continental Can Company, Inc. v. The United StatesUnited States Court of Claims · 1970
3 more not listed; retrieve them via the Exa API.