Honokaa Sugar Co. v. Commissioner
United States Board of Tax Appeals
1. The petitioner, making its income tax returns on the accrual basis, estimated the amount which it was to receive on a consignment of sugar in 1937 and included the amount in its gross income for that year. The correct amount was determined in 1938. Held, that the correct amount should be substituted for the estimated amount in the redetermination of a deficiency in income tax for 1937. 2. In 1932 the petitioner had outstanding $320,000 first mortgage bonds.
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1. The petitioner, making its income tax returns on the accrual basis, estimated the amount which it was to receive on a consignment of sugar in 1937 and included the amount in its gross income for that year. The correct amount was determined in 1938. Held, that the correct amount should be substituted for the estimated amount in the redetermination of a deficiency in income tax for 1937. 2. In 1932 the petitioner had outstanding $320,000 first mortgage bonds. In that year and during the early part of 1933 it obtained the consent of owners of $304,000 of the bonds to an extension of the…
1Opinion of the Court
HONOKAA SUGAR COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Honokaa Sugar Co. v. Commissioner
Docket No. 101358.
United States Board of Tax Appeals
43 B.T.A. 151; 1940 BTA LEXIS 842;
December 20, 1940, Promulgated
1. The petitioner, making its income tax returns on the accrual basis, estimated the amount which it was to receive on a consignment of sugar in 1937 and included the amount in its gross income for that year. The correct amount was determined in 1938. Held, that the correct amount should be substituted for the estimated amount in the redetermination of a deficiency…
2Cases cited1 opinion
- Honokaa Sugar Co. v. CommissionerUnited States Board of Tax Appeals · 1940