Schock, G. & Co. v. Commissioner
United States Board of Tax Appeals
1. New Jersey personal property taxes are accruable and deductible by a taxpayer keeping its books on the accrual basis on October 1 of the year preceding that for which they are levied. 2. A taxpayer reporting its income for the fiscal period January 1 to August 31, 1937, and keeping its books on the accrual basis, is entitled to accrue and deduct New Jersey real estate taxes levied for the year 1937.
1Opinion of the Court
SCHOCK, GUSMER AND CO., INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Schock, G. & Co. v. Commissioner
Docket No. 105762.
United States Board of Tax Appeals
47 B.T.A. 415; 1942 BTA LEXIS 691;
August 4, 1942, Promulgated
1. New Jersey personal property taxes are accruable and deductible by a taxpayer keeping its books on the accrual basis on October 1 of the year preceding that for which they are levied.
2. A taxpayer reporting its income for the fiscal period January 1 to August 31, 1937, and keeping its books on the accrual basis, is entitled to accrue and deduct New Jersey…
2Cases cited17 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Farmers Loan & Trust Co. v. MinnesotaSupreme Court of the United States · 1930
- State Board of Assessors v. Central RailroadSupreme Court of New Jersey · 1886
- H. H. Brown Co. v. CommissionerUnited States Board of Tax Appeals · 1927
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