Henry Hess Co. v. Commissioner
United States Tax Court
1. Since the amount of the gain resulting from the requisition for title in 1942 by the War Shipping Administration of one of the vessels of Christenson Steamship Company was not reasonably ascertainable in 1942, such company being on the accrual basis of accounting, it is held that no amount of gain was includible in the income of Christenson Steamship Company for 1942, and, accordingly, that there is no liability on petitioners as transferees of the assets of Christenson…
Read the full summary
1. Since the amount of the gain resulting from the requisition for title in 1942 by the War Shipping Administration of one of the vessels of Christenson Steamship Company was not reasonably ascertainable in 1942, such company being on the accrual basis of accounting, it is held that no amount of gain was includible in the income of Christenson Steamship Company for 1942, and, accordingly, that there is no liability on petitioners as transferees of the assets of Christenson for the year 1942. 2. Held, further, Christenson Steamship Company, though dissolved, was still in existence during the…
1Opinion of the Court
Henry Hess Co., Petitioner, et al., 1 v. Commissioner of Internal Revenue, Respondent
Henry Hess Co. v. Commissioner
Docket Nos. 15870, 19457.1
United States Tax Court
16 T.C. 1363; 1951 U.S. Tax Ct. LEXIS 160;
June 18, 1951, Promulgated
Decisions will be entered under Rule 50.
1. Since the amount of the gain resulting from the requisition for title in 1942 by the War Shipping Administration of one of the vessels of Christenson Steamship Company was not reasonably ascertainable in 1942, such company being on the accrual basis of accounting, it is held that no amount of gain was includible in the…
Also in this document: Dissent.
2Cases cited14 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. AndersonSupreme Court of the United States · 1926
- Higgins v. SmithSupreme Court of the United States · 1940
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
9 more not listed; retrieve them via the Exa API.