Legal Opinion
Guardian Investment Corporation v. Robert L. Phinney, District Director of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided April 14, 1958No. 16859_1PublishedCited by 56 opinions
1Opinion of the Court
WISDOM, Circuit Judge.
This appeal presents a question of accrual accounting under Sections 23(b), 41, and 43 of the Internal Revenue Code of 1939. Section 23(b) permits the deduction from gross income of “all interest paid or accrued within the taxable year on indebtedness”. 1 Section 41 allows the taxpayer to compute net income “upon the basis of the taxpayer’s annual accounting period” (fiscal or calendar year), provided the method of accounting shall “clearly reflect the income”. 2 Section 43 3 provides:
“The deductions and credits * * shall be taken for the taxable year in which ‘paid or…
2Cases cited30 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
25 more not listed; retrieve them via the Exa API.
3Cited by56 opinions
- Paul P. Brountas v. Commissioner of Internal Revenue, Paul P. And Lynn T. Brountas v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1982
- Putoma Corp., Successor by Merger of Pro-Mac Company, Petitioners- Cross-Appellants v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1979
- Gibson Products Co. Kell Blvd. v. United StatesCourt of Appeals for the Fifth Circuit · 1981
- Josef C. Patchen and Aleyne E. Patchen v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Drazen v. CommissionerUnited States Tax Court · 1960
51 more not listed; retrieve them via the Exa API.