C. M. Gooch Lumber Sales Co. v. Commissioner
United States Tax Court
Petitioner, a sales agent, customarily maintained running accounts with its principals. Cash advances, commissions, allowances, and overhead charges were debited and proceeds of current sales were credited, to the account. No interest was charged on debit balances or incurred on credit balances. Petitioner and one of its principals, Harriston Lumber Co., which had financial and operating difficulties, were part of a group of related corporations.
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Petitioner, a sales agent, customarily maintained running accounts with its principals. Cash advances, commissions, allowances, and overhead charges were debited and proceeds of current sales were credited, to the account. No interest was charged on debit balances or incurred on credit balances. Petitioner and one of its principals, Harriston Lumber Co., which had financial and operating difficulties, were part of a group of related corporations. Harriston Lumber went into liquidation in January 1962. Held, under all the circumstances, petitioner's net advances to Harriston Lumber as of June…
1Opinion of the Court
C. M. Gooch Lumber Sales Company, Petitioner v. Commissioner of Internal Revenue, Respondent
C. M. Gooch Lumber Sales Co. v. Commissioner
Docket No. 403-66
United States Tax Court
49 T.C. 649; 1968 U.S. Tax Ct. LEXIS 161;
March 21, 1968, Filed
Decision will be entered under Rule 50.
Petitioner, a sales agent, customarily maintained running accounts with its principals. Cash advances, commissions, allowances, and overhead charges were debited and proceeds of current sales were credited, to the account. No interest was charged on debit balances or incurred on credit balances. Petitioner and one of its…
Also in this document: Dissent.
2Cases cited21 opinions
- Interstate Transit Lines v. CommissionerSupreme Court of the United States · 1943
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- John v. Rowan v. United StatesCourt of Appeals for the Fifth Circuit · 1955
- Kraft Foods Company v. Commissioner of Internal Revenue, (Two Cases)Court of Appeals for the Second Circuit · 1956
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