Atlantic C. L. R. Co. v. Commissioner
United States Tax Court
1. Liability under the Fair Labor Standards Act for additional wages to certain of petitioner's employees which was at all times denied and contested until settlement and payment by petitioner in 1940, held, properly accrued as a deduction in 1940, notwithstanding that some of the adjusted payments covered services rendered in 1938 and 1939. 2. Petitioner's consistent method of charging periodic accruals throughout the last half of one taxable year and the first half of the…
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1. Liability under the Fair Labor Standards Act for additional wages to certain of petitioner's employees which was at all times denied and contested until settlement and payment by petitioner in 1940, held, properly accrued as a deduction in 1940, notwithstanding that some of the adjusted payments covered services rendered in 1938 and 1939. 2. Petitioner's consistent method of charging periodic accruals throughout the last half of one taxable year and the first half of the next year, to reflect estimated liability for Federal capital stock tax, held, permissible, and not an improper…
1Opinion of the Court
Atlantic Coast Line Railroad Company, Wilmington, North Carolina, Petitioner, v. Commissioner of Internal Revenue, Respondent
Atlantic C. L. R. Co. v. Commissioner
Docket Nos. 3816, 112779
United States Tax Court
4 T.C. 140; 1944 U.S. Tax Ct. LEXIS 48;
September 30, 1944, Promulgated
Decision will be entered under Rule 50.
1. Liability under the Fair Labor Standards Act for additional wages to certain of petitioner's employees which was at all times denied and contested until settlement and payment by petitioner in 1940, held, properly accrued as a deduction in 1940, notwithstanding that some of the…
2Cases cited6 opinions
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Eckert v. BurnetSupreme Court of the United States · 1931
- Atlantic C. L. R. Co. v. CommissionerUnited States Tax Court · 1944
- First Nat'l Bank v. CommissionerUnited States Tax Court · 1942
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