Olazábal v. Secretary of Treasury

Mr. Justice Dávila

delivered the opinion of the Court.

The taxpayer was engaged in the business of renting houses. He kept his books on the cash receipt and disbursement method, and his taxable year ended October 31. On June 20, 1947, eminent domain proceedings were instituted against two of taxpayer’s real properties. The taxpayer litigated the reasonableness of the compensation. The court, on April 7, 1948, rendered judgment increasing said compensation, which became final on the seventh day of the following month. The additional amount granted was deposited in court on November 8, 1948.…