Dumari Textile Co. v. Commissioner
United States Board of Tax Appeals
Pursuant to section 602 of the Revenue Act of 1936, petitioner, which was on an accrual basis, was reimbursed in 1938 for the processing tax burden borne by it on account of the floor stock tax. Held, the payment received by petitioner in 1938 accrued in 1936, because the right to the payment ripened when the statute authorizing it was enacted. Continental Tie & Lumber Co. v. United States,286 U.S. 290.
1Opinion of the Court
DUMARI TEXTILE CO., INC., A NEW YORK CORPORATION, 78 WORTH STREET, NEW YORK, N.Y., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Dumari Textile Co. v. Commissioner
Docket No. 106875.
United States Board of Tax Appeals
47 B.T.A. 639; 1942 BTA LEXIS 667;
August 25, 1942, Promulgated
Pursuant to section 602 of the Revenue Act of 1936, petitioner, which was on an accrual basis, was reimbursed in 1938 for the processing tax burden borne by it on account of the floor stock tax. Held, the payment received by petitioner in 1938 accrued in 1936, because the right to the payment ripened when…
2Cases cited2 opinions
- Continental Tie & Lumber Co. v. United StatesSupreme Court of the United States · 1932
- Dumari Textile Co. v. CommissionerUnited States Board of Tax Appeals · 1942