Legal Opinion
PG Lake, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided April 17, 1945No. 11251PublishedCited by 36 opinions
1Opinion of the Court
McCORD, Circuit Judge.
This is an appeal from a decision of the Tax Court and involves a deficiency in income tax for the calendar year 1939.
The question involved is whether the deduction of accrued interest otherwise allowable by Section 23(b) of the Internal Revenue Code is barred by the provisions of Section 24(c). 26 U.S.C.A.Int.Rev. Code, § 24(c).
The important facts disclose that taxpayer, P. G. Lake, Inc., is a corporation engaged in oil production at Tyler, Texas. The return for the taxable year 1939 was filed on the calendar year accrual basis. P. G. Lake was the president and one of…
2Cases cited7 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- White v. United StatesSupreme Court of the United States · 1938
- Eckert v. BurnetSupreme Court of the United States · 1931
- Helvering v. PriceSupreme Court of the United States · 1940
2 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- Clínica Dr. Mario Juliá, Inc. v. Secretario de HaciendaSupreme Court of Puerto Rico · 1954
- Anthony P. Miller, Inc. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1947
- Burton Swartz Land Corp v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1952
- Slaymaker Lock Co. v. CommissionerUnited States Tax Court · 1952
- Don E. Williams Co. v. CommissionerUnited States Tax Court · 1974
31 more not listed; retrieve them via the Exa API.