Hachette USA v. Commissioner
United States Tax Court
Ps filed their consolidated Federal income tax returns electing under sec. 458, I.R.C., to exclude from gross income the sales revenue attributable to magazines that were returned by the purchasers shortly after the close of the tax year. In computing gross income Ps originally made correlative adjustments to cost of goods sold pursuant to sec. 1.458-1(g), Income Tax Regs.
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Ps filed their consolidated Federal income tax returns electing under sec. 458, I.R.C., to exclude from gross income the sales revenue attributable to magazines that were returned by the purchasers shortly after the close of the tax year. In computing gross income Ps originally made correlative adjustments to cost of goods sold pursuant to sec. 1.458-1(g), Income Tax Regs. Subsequently they filed amended returns recomputing gross income without the cost adjustments required by the regulation, taking the position that the regulation is invalid. Held: Because Congress did not intend to…
1Opinion of the Court
HACHETTE USA, INC., AS SUCCESSOR TO HACHETTE PUBLICATIONS, INC., AND CURTIS CIRCULATION CO., SUBSIDIARY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent; HACHETTE USA, INC., AS SUCCESSOR TO HACHETTE DISTRIBUTION, INC., AND CURTIS CIRCULATION CO., SUBSIDIARY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Hachette USA v. Commissioner
Docket Nos. 11693-94, 11694-94.
United States Tax Court
105 T.C. 234; 1995 U.S. Tax Ct. LEXIS 54; 105 T.C. No. 17;
September 25, 1995, Filed
Decision will be entered under Rule 155.
Ps filed their consolidated Federal income tax returns electing…
2Cases cited15 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- United States v. Vogel Fertilizer Co.Supreme Court of the United States · 1982
- Nationsbank of North Carolina, N. A. v. Variable Annuity Life InsuranceSupreme Court of the United States · 1995
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