This proceeding involves a deficiency of $14,635.70 in income tax for the fiscal year ended March 31, 1948. The sole issue is whether cancellation by the creditor of accruals in the amount of $34,715.48 for royalties payable under a written contract resulted in realization of taxable income.
FINDINGS OF FACT.
The stipulated facts are so found.
The petitioner, a Texas corporation with its principal place of business in Port Arthur, Texas, filed its...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.