Vanguard Recording Soc. v. Commissioner
United States Tax Court
Beginning with the fiscal year ended Apr. 30, 1957, petitioner's books show that each year up to 1963 the control account in the general ledger of accounts payable exceeded the subsidiary schedule of accounts payable by the sum of $ 8,475.75. In the fiscal year ended Mar. 31, 1963, petitioner debited its accounts payable by $ 8,475.75 and credited its earned surplus by the same sum.
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Beginning with the fiscal year ended Apr. 30, 1957, petitioner's books show that each year up to 1963 the control account in the general ledger of accounts payable exceeded the subsidiary schedule of accounts payable by the sum of $ 8,475.75. In the fiscal year ended Mar. 31, 1963, petitioner debited its accounts payable by $ 8,475.75 and credited its earned surplus by the same sum. Held, respondent was justified in assuming this accounts payable item in the sum of $ 8,475.75 had once been deducted and in the absence of proof to the contrary respondent was right in determining petitioner…
1Opinion of the Court
Vanguard Recording Society, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Vanguard Recording Soc. v. Commissioner
Docket No. 371-67
United States Tax Court
51 T.C. 819; 1969 U.S. Tax Ct. LEXIS 189;
February 20, 1969, Filed
Decision will be entered for the respondent.
Beginning with the fiscal year ended Apr. 30, 1957, petitioner's books show that each year up to 1963 the control account in the general ledger of accounts payable exceeded the subsidiary schedule of accounts payable by the sum of $ 8,475.75. In the fiscal year ended Mar. 31, 1963, petitioner debited its accounts…
2Cases cited7 opinions
- Block v. CommissionerUnited States Board of Tax Appeals · 1939
- Union Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1940
- North American Coal Corp. v. Commissioner of Int. Rev.Court of Appeals for the Sixth Circuit · 1938
- Fidelity-Philadelphia Trust Co. v. CommissionerUnited States Tax Court · 1954
- Lime Cola Co. v. CommissionerUnited States Tax Court · 1954
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