Diamond A Cattle Co. v. Commissioner
United States Tax Court
1. Accounting -- Accrual -- Year. -- The petitioner used an accrual method of accounting, as determined by the Commissioner, and deductions for interest and taxes and income from sales must be taken into account in the years accrued. 2. Ordinary Income v. Capital Gain -- Breeding Herd. -- Unbred heifers and ewe lambs were not part of breeding herds and gain on their sale was ordinary income. 3. Excess Profits Tax -- Net Operating Loss Carry-Back -- Liquidating Corporation --…
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1. Accounting -- Accrual -- Year. -- The petitioner used an accrual method of accounting, as determined by the Commissioner, and deductions for interest and taxes and income from sales must be taken into account in the years accrued. 2. Ordinary Income v. Capital Gain -- Breeding Herd. -- Unbred heifers and ewe lambs were not part of breeding herds and gain on their sale was ordinary income. 3. Excess Profits Tax -- Net Operating Loss Carry-Back -- Liquidating Corporation -- Sections 23 (s) and 122. -- See below. 4. Excess Profits Tax -- Credit Carry-Back -- Liquidating Corporation -- Section…
1Opinion of the Court
OPINION.
MtodoCK, Judge:
The Commissioner has held that the accounting method used by the petitioner prior to and during the taxable years is an accrual method but the petitioner failed to adhere to that method in that it did not accrue several items which the Commissioner has adjusted to an accrual method in determining the deficiency. The petitioner, to support its contention that it has never used an accrual method, should show that its method is not an accrual method, or, at least, that in the majority of the most substantial items of income and deductions it is not an accrual method.…
2Cases cited27 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- United States v. DickersonSupreme Court of the United States · 1940
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
22 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- SoRelle v. CommissionerUnited States Tax Court · 1954
- Simon J. Murphy Company and Social Research Foundation, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- Simon J. Murphy Co. v. CommissionerUnited States Tax Court · 1954
- George L. Castner Co. v. CommissionerUnited States Tax Court · 1958
- Tunningley v. CommissionerUnited States Tax Court · 1954
21 more not listed; retrieve them via the Exa API.