Taylor Instrument Cos. v. Comm'r of Internal Revenue

6 Citing cases

  1. Kenyon Instrument Co. v. Comm'r of Internal Revenue

    16 T.C. 732 (U.S.T.C. 1951)   Cited 4 times

    Petitioner obviously treated the refunds made to its customers in 1943 and 1944 inconsistently on its Federal returns and its state franchise tax returns. Both parties argue the applicability of Taylor Instrument Companies, 14 T.C. 388. The syllabus of that case is sufficient alone to show that it is not determinative of the question here:

  2. Globe Prods. Corp. v. Comm'r of Internal Revenue

    72 T.C. 609 (U.S.T.C. 1979)   Cited 1 times

    The accrual method of accounting does not permit retroactive adjustments for developments subsequent to the close of the tax year when the accrual is otherwise correct. See, e. g., Bartlett v. Delaney, 173 F.2d 535 (1st Cir. 1949), cert. denied, 338 U.S. 817 (1949); Harbor Building Trust v. Commissioner, 16 T.C. 1321, 1333-1334 (1951), appeal dismissed (1st Cir., Feb. 27, 1953); Taylor Instrument Cos. v. Commissioner, 14 T.C. 388, 389-390 (1950). Petitioner may deduct $73,129.68 as interest for the year 1972.

  3. Lexmont Corp. v. Comm'r of Internal Revenue

    20 T.C. 185 (U.S.T.C. 1953)   Cited 3 times

    It is now well settled that taxes are deductible in the year the liability accrued and events occurring in subsequent years do not permit the reopening of the prior years and the adjusting of the deductions. Security Flour Mills Co. v. Commissioner, 321 U.S. 281, Taylor Instrument Companies, 14 T.C. 388, and cases cited therein. Finally, the issue of the deductions in the taxable years 1944 and 1945 for net operating losses is dependent on the allowance of the interest deductions as set forth above.

  4. Harbor Bldg. Trust v. Comm'r of Internal Revenue

    16 T.C. 1321 (U.S.T.C. 1951)   Cited 6 times

    See, e.g., Leach v. Commissioner (C.A. 1), 50 F.2d 371; E. B. Elliott Co., 45 B.T.A. 82. However, the theory of these cases has more recently been explicitly rejected (Bartlett v. Delaney (C.A. 1) 173 F.2d 535, certiorari denied, 338 U.S. 817; Standard-tilton Milling Co., 3 T.C. 1026; Baltimore Transfer Co., 8 T.C. 1; Taylor Instrument Cos., 14 T.C. 388), and the principle which here controls is the one applied by respondent. The refunds received in 1947 must therefore be regarded as income in that year.

  5. Curran Realty Co. v. Comm'r of Internal Revenue

    15 T.C. 341 (U.S.T.C. 1950)   Cited 4 times

    It is proper to compute, accrue, and deduct the correct amount of state income or excise tax. Taylor Instrument Cos., 14 T.C. 388. The petitioner deducted the amount which it thought would be proper.

  6. Boehme v. Comm'r of Internal Revenue

    15 T.C. 247 (U.S.T.C. 1950)   Cited 3 times

    It follows that the amount of $13,600.38 was properly accruable in petitioner's taxable year 1944. See Taylor Instrument Cos., 14 T.C. 388. With respect to the amount of $6,265, however, all of the elements necessary to ascertain the amount of credit were not known at the end of 1944.