Rowe v. Commissioner
United States Board of Tax Appeals
Under the evidence, held, that the petitioner kept its books and reported its income on the cash receipts and disbursements basis, and minor deviations therefrom do not thereby cause books to be placed on the accrual basis to reflect true income.
1Opinion of the Court
*906OPINION.
Milliken:
The only issue involved in this proceeding relates to the net income for the calendar year 1920, of a partnership known as the Rowe Drilling Co. The respondent, in adjusting the partner*907ship return to the accrual basis, contends that the books were actually maintained on that basis, and, furthermore, such basis is necessary to clearly reflect income. If this action of the respondent was not in error, the mathematical accuracy of his adjustments is not disputed.
The Revenue Act of 1918, insofar as material to the issue, provides:
Sec. 212. (a) That in the ease of an individual…
2Cited by8 opinions
- Drazen v. CommissionerUnited States Tax Court · 1960
- Bellevue Mfg. Co. v. CommissionerUnited States Tax Court · 1957
- Drazen v. CommissionerUnited States Tax Court · 1960
- Estate of Paul Hansen v. CommissionerUnited States Tax Court · 1945
- Kentucky Color & Chemical Co. v. GlennDistrict Court, W.D. Kentucky · 1949
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