Barrett Timber & Dunnage Corp. v. Commissioner
United States Tax Court
Deduction -- Contribution -- Pension Trust -- Accruability -- Sec. 23 (p) (1), I. R. C. 1939. -- A taxpayer on an accrual basis is not entitled to deduct a contribution to a pension fund where the record fails to show that it was an accruable liability for the taxable year, even though it was paid within 60 days following the close of that year.
1Opinion of the Court
OPINION.
Murdoch, Judge:
The Commissioner determined a deficiency in income and excess profits tax of the petitioner in the amount of $15,987.47 for its taxable year ended September 30, 1951. The only issue for decision is whether the Commissioner erred in disallowing a deduction of $20,108.29 claimed as a contribution to Barrett Timber and Dunnage Corporation Employees’ Pension Trust. The facts have been presented by a stipulation which is adopted as the findings of fact.
The petitioner was incorporated under the laws of New York in November 1944. It uses an accrual system of accounting and…
2Cases cited2 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Tallman Tool & Machine Corp. v. CommissionerUnited States Tax Court · 1956
3Cited by10 opinions
- Engineered Timber Sales, Inc. v. CommissionerUnited States Tax Court · 1980
- Catawba Industrial Rubber Co. v. CommissionerUnited States Tax Court · 1975
- Raybestos Manhattan, Inc. v. United StatesUnited States Court of Claims · 1979
- I. S. C., Inc. v. CommissionerUnited States Tax Court · 1978
- Barrett Timber & Dunnage Corp. v. CommissionerUnited States Tax Court · 1957
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