Etheridge & Vanneman, Inc. v. Commissioner
United States Tax Court
Held, that the servicing contract between petitioner and Bowery Savings Bank effective during petitioner's fiscal years ending June 30, 1955, June 30, 1956, and June 30, 1957, did not give rise to accruals as of the end of said respective fiscal years in excess of the actual payments at level payment rates made to it by the Bowery Savings Bank pursuant to said servicing contract.
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Held, that the servicing contract between petitioner and Bowery Savings Bank effective during petitioner's fiscal years ending June 30, 1955, June 30, 1956, and June 30, 1957, did not give rise to accruals as of the end of said respective fiscal years in excess of the actual payments at level payment rates made to it by the Bowery Savings Bank pursuant to said servicing contract. Guarantee Title & Trust Co. v. Commissioner, 313 F. 2d 225 (C.A. 6, 1963), reversing a Memorandum Opinion of this Court, followed.
1Opinion of the Court
Fisher, Judge:
Respondent determined deficiencies and claimed additional deficiencies for the periods and in the amounts as follows:
Taxable period ending: Deficiency
Sept. 1, 1954 to June 30,1955_1 $27, 092.36
June 30,1956_ 2 32,469.91
June 30, 1957_ 39, 590.40
The issue here presented is whether or not the servicing contract between petitioner and Bowery Savings Bank effective during petitioner’s fiscal years ending June 30,1955,1956, and 1957, gave rise to accruals as of the end of said respective fiscal years in excess of the actual payments at level payment rates made to it by Bowery pursuant…
2Cases cited4 opinions
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Commissioner v. HansenSupreme Court of the United States · 1959
- J. H. Schaeffer, Jr., and Opal R. Schaeffer v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
- The Guarantee Title and Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
3Cited by6 opinions
- Bankers Union Life Ins. Co. v. CommissionerUnited States Tax Court · 1974
- Basye v. United StatesDistrict Court, N.D. California · 1968
- Capital Inv. of Hawaii, Inc. v. CommissionerUnited States Tax Court · 1982
- Bankers Union Life Ins. Co. v. CommissionerUnited States Tax Court · 1974
- Etheridge & Vanneman, Inc. v. CommissionerUnited States Tax Court · 1963
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