Scio Oil & Gas Co. v. Commissioner
United States Tax Court
Petitioner is a corporation engaged in the production of oil. The 1950 real estate taxes on its properties in Allegany County, New York, were levied in December 1949; and, under the then existing law of New York, they became a lien on the properties at that time, although they were not paid until January 1950. Petitioner, acting in accordance with the practice which it had followed in prior years, accrued such taxes as a liability on its books in 1949, and deducted the same…
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Petitioner is a corporation engaged in the production of oil. The 1950 real estate taxes on its properties in Allegany County, New York, were levied in December 1949; and, under the then existing law of New York, they became a lien on the properties at that time, although they were not paid until January 1950. Petitioner, acting in accordance with the practice which it had followed in prior years, accrued such taxes as a liability on its books in 1949, and deducted the same in its 1949 income tax return. Subsequently, the law of New York was amended, effective as of April 5, 1950, so that…
1Opinion of the Court
Scio Oil and Gas Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Scio Oil & Gas Co. v. Commissioner
Docket No. 56466
United States Tax Court
28 T.C. 426; 1957 U.S. Tax Ct. LEXIS 184; 7 Oil & Gas Rep. 704;
May 23, 1957, Filed
Decision will be entered under Rule 50.
Petitioner is a corporation engaged in the production of oil. The 1950 real estate taxes on its properties in Allegany County, New York, were levied in December 1949; and, under the then existing law of New York, they became a lien on the properties at that time, although they were not paid until January 1950.…
2Cases cited8 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Gillespie Trust v. CommissionerUnited States Tax Court · 1954
- Getman v. NiferopulosNew York Court of Appeals · 1937
- Asthmanefrin Co. v. CommissionerUnited States Tax Court · 1956
3 more not listed; retrieve them via the Exa API.