Clifton Mfg. Co. v. Commissioner
United States Tax Court
Interest which, being of doubtful collectibility, was not accrued on books nor reported as income by accrual basis taxpayer, held, taxable in subsequent year when actual payment was received.
1Opinion of the Court
Clifton Manufacturing Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Clifton Mfg. Co. v. Commissioner
Docket No. 108281
United States Tax Court
1 T.C. 71; 1942 U.S. Tax Ct. LEXIS 38;
November 18, 1942, Promulgated
Decision will be entered for the respondent.
Interest which, being of doubtful collectibility, was not accrued on books nor reported as income by accrual basis taxpayer, held, taxable in subsequent year when actual payment was received.
W. A. Sutherland, Esq., for the petitioner.
J. Y. Porter, Esq., for the respondent.
Opper, Judge. Murdock, J., concurring. Van Fossan,…
Also in this document: Concurrence · Murdock; Concurrence · Black; Dissent · Sternhagen; Dissent · Kern.
2Cases cited1 opinion
- Clifton Mfg. Co. v. CommissionerUnited States Tax Court · 1942