Sowers Mfg. Co. v. Commissioner
United States Board of Tax Appeals
Where the petitioner, which keeps its books of account on an accrual basis, has a claim for loss of profits caused by the breach of a contract, accepted and allowed as a general claim by the receiver of an insolvent corporation, recovery of which is uncertain, held that the dividends on said claim should be reported as income for the year in which paid by the receiver.
1Opinion of the Court
SOWERS MANUFACTURING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Sowers Mfg. Co. v. Commissioner
Docket No. 14464.
United States Board of Tax Appeals
16 B.T.A. 268; 1929 BTA LEXIS 2612;
April 29, 1929, Promulgated
Where the petitioner, which keeps its books of account on an accrual basis, has a claim for loss of profits caused by the breach of a contract, accepted and allowed as a general claim by the receiver of an insolvent corporation, recovery of which is uncertain, held that the dividends on said claim should be reported as income for the year in which paid by the…
2Cases cited1 opinion
- Sowers Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1929