Willamette Indus. v. Commissioner
United States Tax Court
P, an accrual method corporation, placed a letter of credit in trust to satisfy the estimated claims of a contested liability. Held: P may not deduct the contested liability. The letter of credit is not a transfer of money or other property within the meaning of sec. 461(f)(2), I.R.C. 1954.
1Opinion of the Court
Willamette Industries, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Willamette Indus. v. Commissioner
Docket Nos. 275-84, 38880-84, 10578-86
United States Tax Court
92 T.C. 1116; 1989 U.S. Tax Ct. LEXIS 76; 92 T.C. No. 69;
May 23, 1989. May 23, 1989, Filed
P, an accrual method corporation, placed a letter of credit in trust to satisfy the estimated claims of a contested liability. Held: P may not deduct the contested liability. The letter of credit is not a transfer of money or other property within the meaning of sec. 461(f)(2), I.R.C. 1954.
Charles P. Duffy and Philip N. Jones,…
2Cases cited22 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Eckert v. BurnetSupreme Court of the United States · 1931
- In Re Plywood Antitrust Litigation. French Quarter Apartments, Ltd. v. Georgia-Pacific Corporation, Georgia-Pacific Corporation v. Kohn, Savett, Marion & Graf, P. C., Movants-Appellees. Willamette Industries, Inc. v. Kohn, Savett, Marion & Graf, P. C., Movants-Appellees. Lyman Lamb Co. v. Georgia-Pacific CorporationCourt of Appeals for the Fifth Circuit · 1981
- Helvering v. PriceSupreme Court of the United States · 1940
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