Snyder Air Products, Inc. v. Commissioner
United States Tax Court
Held, on an accrual basis of accounting petitioner's gain resulting from an award for condemnation of its property is taxable in its fiscal year ended May 31, 1970, the year in which all appeals were exhausted and the award became final. Held, further, petitioner failed to carry its burden of proving error in respondent's disallowance of various miscellaneous deductions.
Read the full summary
Held, on an accrual basis of accounting petitioner's gain resulting from an award for condemnation of its property is taxable in its fiscal year ended May 31, 1970, the year in which all appeals were exhausted and the award became final. Held, further, petitioner failed to carry its burden of proving error in respondent's disallowance of various miscellaneous deductions. Held, further: Additions to tax under sec. 6651(a) upheld for both 1968 and 1970. Addition to tax under sec. 6653(a) for 1968 not upheld.
1Opinion of the Court
Snyder Air Products, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Snyder Air Products, Inc. v. Commissioner
Docket Nos. 3486-75, 8211-75
United States Tax Court
71 T.C. 709; 1979 U.S. Tax Ct. LEXIS 185;
January 29, 1979, Filed
Decisions will be entered under Rule 155.
Held, on an accrual basis of accounting petitioner's gain resulting from an award for condemnation of its property is taxable in its fiscal year ended May 31, 1970, the year in which all appeals were exhausted and the award became final. Held, further, petitioner failed to carry its burden of proving error in…
2Cases cited7 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Williams v. CommissionerUnited States Tax Court · 1951
- Koppers Co. v. CommissionerUnited States Tax Court · 1944
- Patrick McGuirl, Inc. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1935
- General Baking Co. v. CommissionerUnited States Tax Court · 1967
2 more not listed; retrieve them via the Exa API.