Kenyon Instrument Co. v. Commissioner
United States Tax Court
1. Petitioner was a subcontractor under United States war contracts. In 1943 petitioner came to "an agreement" with the Supervisory Cost Inspector, U. S. Navy, to the effect that petitioner had overcharged its customers certain amounts on work done in 1942. The "agreement" provided that petitioner would refund in quarterly payments, during 1943 and 1944, these overcharges. The refunds were paid accordingly.
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1. Petitioner was a subcontractor under United States war contracts. In 1943 petitioner came to "an agreement" with the Supervisory Cost Inspector, U. S. Navy, to the effect that petitioner had overcharged its customers certain amounts on work done in 1942. The "agreement" provided that petitioner would refund in quarterly payments, during 1943 and 1944, these overcharges. The refunds were paid accordingly. Held: These refunds were properly accruable in 1943 and respondent correctly disallowed a deduction of the payments made in 1944. 2. Petitioner computed and paid its New York State…
1Opinion of the Court
Kenyon Instrument Co., Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Kenyon Instrument Co. v. Commissioner
Docket No. 24265
United States Tax Court
16 T.C. 732; 1951 U.S. Tax Ct. LEXIS 231;
April 11, 1951, Promulgated
Decision will be entered under Rule 50.
1. Petitioner was a subcontractor under United States war contracts. In 1943 petitioner came to "an agreement" with the Supervisory Cost Inspector, U. S. Navy, to the effect that petitioner had overcharged its customers certain amounts on work done in 1942. The "agreement" provided that petitioner would refund in quarterly…
2Cases cited12 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Helvering v. Russian Finance & Construction CorporationCourt of Appeals for the Second Circuit · 1935
- United States v. American Can Co.Supreme Court of the United States · 1930
- South Chester Tube Co. v. CommissionerUnited States Tax Court · 1950
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