National Builders, Inc. v. Commissioner
United States Tax Court
Petitioner was a member of a joint venture which in 1942 and 1943, under a contract with the Government, constructed buildings at an Army base. Although the contract was substantially completed by the joint venture and its work accepted prior to the close of its first fiscal year on March 31, 1943, final payment of $ 362,778.33 was frozen by the Government pending renegotiation of the profits realized on the contract.
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Petitioner was a member of a joint venture which in 1942 and 1943, under a contract with the Government, constructed buildings at an Army base. Although the contract was substantially completed by the joint venture and its work accepted prior to the close of its first fiscal year on March 31, 1943, final payment of $ 362,778.33 was frozen by the Government pending renegotiation of the profits realized on the contract. The $ 362,778.33 was paid to the joint venture on August 16, 1943, and the joint venture, which was on the cash receipts and disbursements basis, reported that amount as income…
1Opinion of the Court
National Builders, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
National Builders, Inc. v. Commissioner
Docket No. 15015
United States Tax Court
12 T.C. 852; 1949 U.S. Tax Ct. LEXIS 188;
May 26, 1949, Promulgated
Decision will be entered under Rule 50.
Petitioner was a member of a joint venture which in 1942 and 1943, under a contract with the Government, constructed buildings at an Army base. Although the contract was substantially completed by the joint venture and its work accepted prior to the close of its first fiscal year on March 31, 1943, final payment of $ 362,778.33…
2Cases cited3 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- National Builders, Inc. v. CommissionerUnited States Tax Court · 1949