May, Stern & Co. v. Commissioner
United States Board of Tax Appeals
The Commissioner's determination that the expenditures for incoming freight and drayage should be added to the cost of goods sold approved.
1Opinion of the Court
*242OPINION.
Muedock:
The question for decision here is whether freight and drayage charges on incoming merchandise should be deducted as an expense of the year in which paid, as the petitioner contends, or added to the cost of the merchandise purchased during the year and reflected in the cost of goods sold, as the respondent contends. But for the fact that this petitioner is returning income from installment sales on the installment sales basis, as provided by section 212(d), made retroactive by section 1208 of the Revenue Act of 1926, it is immaterial which of the two methods is followed, for…
2Cited by6 opinions
- D. Loveman & Son Export Corp. v. CommissionerUnited States Tax Court · 1960
- Riss & Co. v. CommissionerUnited States Tax Court · 1964
- D. Loveman & Son Export Corp. v. CommissionerUnited States Tax Court · 1960
- Ernest, Holdeman & Collet, Inc. v. CommissionerUnited States Tax Court · 1960
- John L. Denning & Co. v. CommissionerUnited States Tax Court · 1948
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