Carroll Furniture Co. v. Commissioner
United States Tax Court
Petitioner, a corporation engaged in the retail furniture business and regularly making sales on the installment plan, elected to compute its income from installment sales on the accrual basis for excess profits tax purposes, pursuant to section 736 (a), Internal Revenue Code.
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Petitioner, a corporation engaged in the retail furniture business and regularly making sales on the installment plan, elected to compute its income from installment sales on the accrual basis for excess profits tax purposes, pursuant to section 736 (a), Internal Revenue Code. Held: 1. The amount of $ 14,091.34 received by petitioner in 1940 as proceeds from a use and occupancy insurance contract which insured against actual loss sustained of profits in business, is includible in excess profits net income. 2. The gain realized in 1941 and 1943 from collections on accounts receivable of an…
1Opinion of the Court
Carroll Furniture Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Carroll Furniture Co. v. Commissioner
Docket No. 13600
United States Tax Court
15 T.C. 943; 1950 U.S. Tax Ct. LEXIS 11;
December 27, 1950, Promulgated
Decision will be entered under Rule 50.
Petitioner, a corporation engaged in the retail furniture business and regularly making sales on the installment plan, elected to compute its income from installment sales on the accrual basis for excess profits tax purposes, pursuant to section 736 (a), Internal Revenue Code. Held:
1. The amount of $ 14,091.34 received by…
2Cases cited3 opinions
- Palmer v. CommissionerSupreme Court of the United States · 1937
- Carroll Furniture Co. v. CommissionerUnited States Tax Court · 1950
- Leo Kahn Furniture Co. v. CommissionerUnited States Tax Court · 1950