E. B. Elliott Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner is engaged in the outdoor advertising business and keeps its books on the accrual basis. It received advance payments on contracts to be performed after the taxable year. No restrictions were imposed upon petitioner's use of the prepayments.
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1. Petitioner is engaged in the outdoor advertising business and keeps its books on the accrual basis. It received advance payments on contracts to be performed after the taxable year. No restrictions were imposed upon petitioner's use of the prepayments. Held, advance payments received by petitioner during the taxable year are includible in gross income of that year. 2. In the taxable year petitioner paid $4,000 in compromise of litigation brought against it involving substantially the same issues as a previous suit which it had won. Both suits attacked petitioner's title to property. Held,…
1Opinion of the Court
THE E. B. ELLIOTT CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
E. B. Elliott Co. v. Commissioner
Docket No. 97330.
United States Board of Tax Appeals
45 B.T.A. 82; 1941 BTA LEXIS 1178;
September 12, 1941, Promulgated
1. Petitioner is engaged in the outdoor advertising business and keeps its books on the accrual basis. It received advance payments on contracts to be performed after the taxable year. No restrictions were imposed upon petitioner's use of the prepayments. Held, advance payments received by petitioner during the taxable year are includible in gross income of that…
2Cases cited26 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Lewis v. ReynoldsSupreme Court of the United States · 1932
- Block v. CommissionerUnited States Board of Tax Appeals · 1939
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