Black-Clawson Co. v. Evatt

Appellant contends that the words “accounts payable” used in Section 5327, General Code, should be given the meaning in which they are used in advanced accounting practice and so should be construed as synonymous with the accounting term “current liabilities”; that the advanced payments on the agreed purchase of a machine to be constructed or in process of construction are sums held for the purchasers and, being payable to them, are accounts payable within the meaning of the statute; and that not treating the payments as accounts payable would lead to double taxation, a result which could not…