W. S. Badcock Corp. v. Commissioner
United States Tax Court
Petitioner, engaged in the sale of furniture, makes its sales through company-owned stores and through dealer associate stores. Petitioner consigned furniture to the dealers under oral and written contracts under which the dealer who sold petitioner's furniture was entitled to receive a commission (percentage of the sales price) when payment from a customer was "collected" by the dealer and "remitted" to petitioner.
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Petitioner, engaged in the sale of furniture, makes its sales through company-owned stores and through dealer associate stores. Petitioner consigned furniture to the dealers under oral and written contracts under which the dealer who sold petitioner's furniture was entitled to receive a commission (percentage of the sales price) when payment from a customer was "collected" by the dealer and "remitted" to petitioner. Dealers had the primary responsibility both for the sale of the furniture as well as the collection of the sales price. During the taxable years ended June 30, 1967 and 1968, and…
1Opinion of the Court
Withev, Judge:
Respondent determined deficiencies in petitioner’s income tax as follows:
FTB June SO— Deficiency
1964 _ $169,943. 24
1966 _ 11, 264.14
1967 _ 675, 883. 71
1968 _ 170, 209.44
The issues presented for our consideration are:(1) Whether petitioner is entitled to accrue and deduct unpaid dealer commissions under sections 446 and 461 of the Internal Revenue Code of 1954; and(2) Whether, in adjusting taxable income of petitioner under section 481 of the Code, all of the years prior to July 1,1966, are barred by the statute of limitations; and if not, whether a cutoff as of June 30, 1966,…
2Cases cited32 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Brown v. HelveringSupreme Court of the United States · 1934
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3Cited by15 opinions
- Superior Coach of Florida, Inc. v. CommissionerUnited States Tax Court · 1983
- W. S. Badcock Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1974
- Great Commonwealth Life Insurance Co. v. United StatesCourt of Appeals for the Fifth Circuit · 1974
- Highland Farms v. CommissionerUnited States Tax Court · 1996
- North American Life & Casualty Co. v. CommissionerUnited States Tax Court · 1974
10 more not listed; retrieve them via the Exa API.