Mill Factors Corp. v. Commissioner
United States Tax Court
Petitioner was engaged in the factoring business, which consisted in purchasing accounts receivable and making loans on inventories to firms engaged in the textile industry. Petitioner had adopted the reserve method of treating bad debts. Upon the evidence, the amount of a reasonable addition to the petitioner's reserve for bad debts is determined.
1Opinion of the Court
Mill Factors Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Mill Factors Corp. v. Commissioner
Docket No. 20078
United States Tax Court
14 T.C. 1366; 1950 U.S. Tax Ct. LEXIS 133;
June 30, 1950, Promulgated
Decision will be entered for the respondent.
Petitioner was engaged in the factoring business, which consisted in purchasing accounts receivable and making loans on inventories to firms engaged in the textile industry. Petitioner had adopted the reserve method of treating bad debts. Upon the evidence, the amount of a reasonable addition to the petitioner's reserve for bad…
2Cases cited2 opinions
- Houston Chronicle Publishing Co. v. CommissionerUnited States Tax Court · 1944
- Mill Factors Corp. v. CommissionerUnited States Tax Court · 1950