Gus Blass Co. v. Commissioner
United States Tax Court
1. Profit not previously reported as income pertaining to payments due on installment sales contracts as of close of year preceding year in which taxpayer's method of reporting income was changed by Commissioner from installment sales to accrual method, held includible in income of year in which method was changed. 2. Earnings of fiscal year ended January 31, 1941, held not to have been accumulated with intent to prevent imposition of surtax on shareholders where dividends…
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1. Profit not previously reported as income pertaining to payments due on installment sales contracts as of close of year preceding year in which taxpayer's method of reporting income was changed by Commissioner from installment sales to accrual method, held includible in income of year in which method was changed. 2. Earnings of fiscal year ended January 31, 1941, held not to have been accumulated with intent to prevent imposition of surtax on shareholders where dividends were paid on April 20, 1941, and stockholders were on calendar year basis and paid tax on dividends during 1941. 3.…
1Opinion of the Court
OPINION.
Ttson, Judge:(1) Profit from installment sales. — The first issue, presenting the question of whether the petitioner’s income of the fiscal year ended January 31,1940, should be increased by $99,681.30, arises in the following manner: The petitioner was on the accrual basis, except that with respect to installment sales it annually posted 50 per cent of its uncollected installment receivables at the end of the year to an unrealized profit account, and on its returns it deducted from income the amount by which that account disclosed an increase, or included in income the amount by…
2Cases cited6 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
1 more not listed; retrieve them via the Exa API.
3Cited by45 opinions
- Greenspon v. CommissionerUnited States Tax Court · 1954
- Pelton Steel Casting Co. v. CommissionerUnited States Tax Court · 1957
- Bremerton Sun Publishing Co. v. CommissionerUnited States Tax Court · 1965
- American Metal Products Corp. v. CommissionerUnited States Tax Court · 1960
- Geometric Stamping Co. v. CommissionerUnited States Tax Court · 1956
40 more not listed; retrieve them via the Exa API.