San Carlos Milling Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner operated a sugar mill in the Philippine Islands under contracts with planters of sugar cane, whereby it milled the cane produced by the planters, and accepted as compensation for its milling services a percentage of the manufactured sugar.
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1. Petitioner operated a sugar mill in the Philippine Islands under contracts with planters of sugar cane, whereby it milled the cane produced by the planters, and accepted as compensation for its milling services a percentage of the manufactured sugar. Held, the sugar so received constituted income at the time and place received to the extent of its fair market value. 2. For the three-year period ended at the close of the taxable year 1923, petitioner received more than 80 per cent of its gross income from sources within a possession of the United States, and more than 50 per cent of its…
1Opinion of the Court
*1138OPINION.
Smith:
In so far as material hereto, section 262 of the Revenue Act of 1921 provides:(a) That in the case of citizens of the United States or domestic corporations, satisfying the following conditions, gross income means only gross income from sources within the United States—(1) If 80 per centum or more of the gross income of such citizen or domestic corporation (computed without the benefit of this section) for the three-year period immediately preceding the close of the taxable year (or for such part of such period immediately preceding the close of such taxable year as may *1139be…
2Cases cited5 opinions
- Sturm v. BokerSupreme Court of the United States · 1893
- Ludvigh v. American Woolen Co. of NYSupreme Court of the United States · 1913
- Powder Co. v. BurkhardtSupreme Court of the United States · 1878
- United States v. RaymondSupreme Court of the United States · 1876
- Arnold v. HatchSupreme Court of the United States · 1900
3Cited by1 opinion
- San Carlos Milling Co. v. CommissionerUnited States Board of Tax Appeals · 1931