Schniers v. Commissioner
United States Tax Court
Held, petitioners did not constructively receive income in 1973 from the sale of their cotton in that year but realized income in 1974 when they were actually paid for it. Held, further, the gin with which petitioner dealt in selling the cotton was the purchaser's agent, not petitioner's agent, in handling the transaction.
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Held, petitioners did not constructively receive income in 1973 from the sale of their cotton in that year but realized income in 1974 when they were actually paid for it. Held, further, the gin with which petitioner dealt in selling the cotton was the purchaser's agent, not petitioner's agent, in handling the transaction. Held, further, petitioner's sale of cotton grown in 1973 under agreements calling for him to be paid for such cotton in 1974 did not constitute a change in his method of accounting or a distortion of his 1973 income.
1Opinion of the Court
Featherston, Judge:
Respondent determined a deficiency of $22,000.11 in petitioners’ Federal income tax for 1973. Concessions having been made by petitioners, the sole issue presented for decision is whether petitioners realized income of $45,376.48, representing the proceeds of the sale of their cotton crop, in 1973 even though they did not receive checks in payment for the cotton until 1974.
FINDINGS OF FACT
Petitioners Charles B. Schniers and Dorothy M. Schniers, husband and wife, were legal residents of Slaton, Tex., when they filed their petition. They timely filed a joint Federal income…
2Cases cited15 opinions
- Helvering v. OwensSupreme Court of the United States · 1939
- Commissioner of Internal Revenue v. OatesCourt of Appeals for the Seventh Circuit · 1953
- Veit v. CommissionerUnited States Tax Court · 1947
- Amend v. CommissionerUnited States Tax Court · 1949
- Cowden v. CommissionerCourt of Appeals for the Fifth Circuit · 1961
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3Cited by19 opinions
- Antonides v. CommissionerUnited States Tax Court · 1988
- Stiles v. CommissionerUnited States Tax Court · 1978
- John E. Reed v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1983
- Watson v. CommissionerUnited States Tax Court · 1978
- Griffith v. CommissionerUnited States Tax Court · 1980
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