Wright Contracting Co. v. Commissioner
United States Tax Court
1. Accounting Method, Change in Method of Reporting Income. -- In accordance with the system of accounting regularly employed by petitioner in keeping its books throughout the taxable years, amounts of "retainage" withheld out of earnings for work done on long-term construction contracts were accrued by petitioner as income in the years the work was performed.
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1. Accounting Method, Change in Method of Reporting Income. -- In accordance with the system of accounting regularly employed by petitioner in keeping its books throughout the taxable years, amounts of "retainage" withheld out of earnings for work done on long-term construction contracts were accrued by petitioner as income in the years the work was performed. Such system clearly reflected income and, further, was used by petitioner as its method of reporting income consistently since its incorporation in 1942. Held, petitioner may not change its method of reporting income contrary to the…
1Opinion of the Court
Wright Contracting Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Wright Contracting Co. v. Commissioner
Docket No. 69144
United States Tax Court
36 T.C. 620; 1961 U.S. Tax Ct. LEXIS 117;
June 30, 1961, Filed
Decision will be entered under Rule 50.
1. Accounting Method, Change in Method of Reporting Income. -- In accordance with the system of accounting regularly employed by petitioner in keeping its books throughout the taxable years, amounts of "retainage" withheld out of earnings for work done on long-term construction contracts were accrued by petitioner as income in the…
2Cases cited16 opinions
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
- Hertz Corp. v. United StatesSupreme Court of the United States · 1960
- Commissioner of Internal Revenue v. O. Liquidating CorporationCourt of Appeals for the Third Circuit · 1961
- Drazen v. CommissionerUnited States Tax Court · 1960
- Charles F. Dally and Sarafrancis Dally v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
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