Legal Opinion
Willard Helburn, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the First Circuit
Decided July 22, 1954No. 4796PublishedCited by 29 opinions
1Opinion of the Court
MAGRUDER, Chief Judge.
We have for review a decision of the Tax Court of the United States, 20 T.C. 740, determining a deficiency of $35,-325.95 in income taxes of Willard Hel-burn, Inc, for the fiscal year ending November 30, 1949. The only issue to be considered is whether the Tax Court correctly ruled that petitioner, due to the devaluation of the pound sterling from $4.04 to $2.81 on September 18, 1949, realized additional taxable income in the sum of $84,047.36 in a transaction incident to the purchase by petitioner of certain lots of lambskins in New Zealand in April and May of the…
2Cases cited3 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Willard Helburn, Inc. v. CommissionerUnited States Tax Court · 1953
3Cited by29 opinions
- Bernard A. Levin, Phyllis Levin, Alan T. Hrabosky, and Delores Hrabosky v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1987
- Levin v. CommissionerUnited States Tax Court · 1986
- American Air Filter Co. v. CommissionerUnited States Tax Court · 1983
- National-Standard Co. v. CommissionerUnited States Tax Court · 1983
- Bennett's Travel Bureau, Inc. v. CommissionerUnited States Tax Court · 1957
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