Orino v. Commissioner
United States Board of Tax Appeals
Where petitioner, engaged in the contracting business, kept his books upon the accrual basis, and in the year 1931, in conformity with his custom, set up on his books the cash received from the United States Government under contracts with it, and also set up the amounts of earned percentages retained by the Government pending completion of the contracts, the respondent, in determining the deficiencies, having determined that this was a proper method of reflecting the income…
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Where petitioner, engaged in the contracting business, kept his books upon the accrual basis, and in the year 1931, in conformity with his custom, set up on his books the cash received from the United States Government under contracts with it, and also set up the amounts of earned percentages retained by the Government pending completion of the contracts, the respondent, in determining the deficiencies, having determined that this was a proper method of reflecting the income of the petitioner, and there being no showing that such method does not clearly reflect the income, held, the…
1Opinion of the Court
*729OPINION.
McMahon :
The question presented is whether the respondent erred in including in petitioners’ taxable incomes the amount of the retained percentages under the contracts. The parties apparently are agreed *730that whatever income is taxable to the petitioners is taxable equally to each as community income. The stipulated facts show that the petitioners reported their income from the contracts on the basis of the percentage of completion of the contracts. Sections 41 and 42 of the Revenue Act of 1928, which deal with methods and periods of accounting, are set forth in the margin.1
We find it…
2Cases cited1 opinion
- Welch v. HelveringSupreme Court of the United States · 1933
3Cited by9 opinions
- Guy F. Atkinson Co. v. CommissionerUnited States Tax Court · 1984
- Anderson-Doughty-Hargis Co. v. United StatesDistrict Court, N.D. California · 1950
- Berger Engineering Co. v. CommissionerUnited States Tax Court · 1961
- A. S. Wikstrom, Inc. v. CommissionerUnited States Tax Court · 1969
- Goodman v. CommissionerUnited States Tax Court · 1950
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