Chapin Constr. Co. v. Commissioner
United States Board of Tax Appeals
A corporation engaged in the business of road and street construction contracting, keeping its accounts on the basis of completed contracts and treating the total contract price as gross income in the year when the original construction work is finished, may not deduct therefrom a reserve for estimated expense of maintenance during the following years specified in the contract. Following Appeal of Uvalde Co.,1 B.T.A. 932.
1Opinion of the Court
APPEAL OF CHAPIN CONSTRUCTION CO.
Chapin Constr. Co. v. Commissioner
Docket No. 3200.
United States Board of Tax Appeals
3 B.T.A. 25; 1925 BTA LEXIS 2071;
November 12, 1925, Decided Submitted June 16, 1925.
A corporation engaged in the business of road and street construction contracting, keeping its accounts on the basis of completed contracts and treating the total contract price as gross income in the year when the original construction work is finished, may not deduct therefrom a reserve for estimated expense of maintenance during the following years specified in the contract. Following Appeal…
2Cases cited2 opinions
- Appeal of Uvalde Co.United States Board of Tax Appeals · 1925
- Chapin Constr. Co. v. CommissionerUnited States Board of Tax Appeals · 1925