Deer Island Logging Co. v. Commissioner
United States Board of Tax Appeals
LONG-TERM CONTRACTS. - BASIS OF REPORTING INCOME. - Petitioner entered into a contract for purchase and sale of certain timber, and more than one year elapsing between date of commencement of work under the contract and completion, held that true income for each of the years would not be reflected by reporting income on the long-term-contract basis.
1Opinion of the Court
DEER ISLAND LOGGING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Deer Island Logging Co. v. Commissioner
Docket Nos. 30307, 31613.
United States Board of Tax Appeals
14 B.T.A. 1027; 1929 BTA LEXIS 2992;
January 8, 1929, Promulgated
LONG-TERM CONTRACTS. - BASIS OF REPORTING INCOME. - Petitioner entered into a contract for purchase and sale of certain timber, and more than one year elapsing between date of commencement of work under the contract and completion, held that true income for each of the years would not be reflected by reporting income on the long-term-contract basis.
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2Cases cited4 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Consolidated Asphalt Co. v. CommissionerUnited States Board of Tax Appeals · 1924
- C. H. Swift & Sons, Inc. v. CommissionerUnited States Board of Tax Appeals · 1928
- Deer Island Logging Co. v. CommissionerUnited States Board of Tax Appeals · 1929