Wood v. United States

Plaintiffs sue to recover taxes assessed against their income for the year 1947. We do not think they are entitled to' recover. A few brief words to state w;hy we are of this, opinion.

*638In the first place, plaintiffs made their returns on a cash basis, instead of on an accrual basis. This means, of course, that we must view their status as of the time they received their income, instead of. the time it accrued to them; that is to say, instead of the time they earned it.

We are concerned with the income plaintiff Judson Wood received in 1947. What he received in this year was called ■a. pension…