Webb v. Commissioner
United States Tax Court
During the taxable years 1958 through 1960, petitioner, Bolen Webb, operated three retail liquor stores, and in July 1960, he began operating a fourth store. Petitioner's books and records for said business were inaccurate and inadequate. Webb had no way from any books and records kept by him to ascertain how much each store was earning or losing during the taxable years involved herein.
Read the full summary
During the taxable years 1958 through 1960, petitioner, Bolen Webb, operated three retail liquor stores, and in July 1960, he began operating a fourth store. Petitioner's books and records for said business were inaccurate and inadequate. Webb had no way from any books and records kept by him to ascertain how much each store was earning or losing during the taxable years involved herein. On his income tax returns for the years in question, petitioner understated both the total receipts from and the cost of sales for his retail liquor business by approximately 50 percent. Respondent, by use of…
1Opinion of the Court
Bolen Webb and Cornelia Webb v. Commissioner.
Webb v. Commissioner
Docket No. 1530-63.
United States Tax Court
T.C. Memo 1966-81; 1966 Tax Ct. Memo LEXIS 199; 25 T.C.M. (CCH) 454; T.C.M. (RIA) 66081;
April 20, 1966
During the taxable years 1958 through 1960, petitioner, Bolen Webb, operated three retail liquor stores, and in July 1960, he began operating a fourth store. Petitioner's books and records for said business were inaccurate and inadequate. Webb had no way from any books and records kept by him to ascertain how much each store was earning or losing during the taxable years involved herein.…
2Cases cited42 opinions
- Holland v. United StatesSupreme Court of the United States · 1955
- Spies v. United StatesSupreme Court of the United States · 1943
- Helvering v. TaylorSupreme Court of the United States · 1935
- United States v. JohnsonSupreme Court of the United States · 1943
- Halle v. CommissionerUnited States Tax Court · 1946
37 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Travia's Inc., and MellionSupreme Court of Vermont · 2013