C. H. Leavell & Co. v. Commissioner
United States Tax Court
Petitioner was a member of a joint venture organized to perform a single construction contract. The joint venture computed its taxable income under the completed contract method of accounting.
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Petitioner was a member of a joint venture organized to perform a single construction contract. The joint venture computed its taxable income under the completed contract method of accounting. Held, the joint venture reported its income on the basis of a calendar, rather than a fiscal year; held, further, the existence of contingent claims for additional compensation did not cause the time for reporting the joint venture's gross income from the contract to be deferred beyond the year in which the contract was "finally completed and accepted"; held, further, the execution of a Form 875 does…
1Opinion of the Court
C. H. Leavell & Company, Petitioner v. Commissioner of Internal Revenue, Respondent
C. H. Leavell & Co. v. Commissioner
Docket No. 5864-67
United States Tax Court
53 T.C. 426; 1969 U.S. Tax Ct. LEXIS 6;
December 23, 1969, Filed
Decision will be entered under Rule 50.
Petitioner was a member of a joint venture organized to perform a single construction contract. The joint venture computed its taxable income under the completed contract method of accounting. Held, the joint venture reported its income on the basis of a calendar, rather than a fiscal year; held, further, the existence of contingent…
2Cases cited22 opinions
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- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Standard Paving Co. v. Commissioner of Internal Revenue. Standard Paving Co. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1951
- National Contracting Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1939
- Standard Paving Co. v. CommissionerUnited States Tax Court · 1949
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