Kay-Jones Furniture Co. v. Commissioner
United States Tax Court
1. Petitioner corporation was a retail furniture dealer which made cash and installment sales. It made some sales at wholesale, most of which were at cost.
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1. Petitioner corporation was a retail furniture dealer which made cash and installment sales. It made some sales at wholesale, most of which were at cost. Held, its realized profit is to be computed by multiplying the sum of the cash and installment sales collections (excluding wholesale sales) by the percentage of gross profits computed also by excluding wholesale sales. 2. Petitioner filed a timely corporation income and declared value excess-profits tax return for its fiscal year ended September 30, 1943, on the accrual basis. It filed an amended income tax return for such year on…
1Opinion of the Court
Kay-Jones Furniture Company, Inc. v. Commissioner.
Kay-Jones Furniture Co. v. Commissioner
Docket Nos. 31221, 56190.
United States Tax Court
T.C. Memo 1955-235; 1955 Tax Ct. Memo LEXIS 103; 14 T.C.M. (CCH) 944; T.C.M. (RIA) 55235;
August 23, 1955
1. Petitioner corporation was a retail furniture dealer which made cash and installment sales. It made some sales at wholesale, most of which were at cost. Held, its realized profit is to be computed by multiplying the sum of the cash and installment sales collections (excluding wholesale sales) by the percentage of gross profits computed also by excluding…
2Cases cited5 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Blum's, Inc. v. CommissionerUnited States Board of Tax Appeals · 1927
- Chas. Schaefer & Son, Inc. v. CommissionerUnited States Tax Court · 1953