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COMMISSIONER OF INTERNAL REV. v. AMERICAN L. & T. CO.

No. 8845.

156 F.2d 398 (1946)

COMMISSIONER OF INTERNAL REVENUE v. AMERICAN LIGHT & TRACTION CO.

Circuit Court of Appeals, Seventh Circuit.

July 3, 1946.

Attorney(s) appearing for the Case

Sewall Key, Acting Asst. Atty. Gen., Berryman Green, Robert N. Anderson, and Leonard Sarner, Assts. to Atty. Gen., and J. P. Wenchel and John M. Morawski, Bureau of Internal Revenue, all of Washington, D. C., for petitioner.

Floyd F. Toomey, of Washington, D. C., Thos. K. Humphrey, of Chicago, Ill., and Ellsworth C. Alvord, of Washington, D. C., for respondent.

Before SPARKS and MAJOR, Circuit Judges, and BRIGGLE, District Judge.

SPARKS, Circuit Judge.

This is a petition to review a decision of the Tax Court that dividends declared in December, 1936, to stockholders of record as of dates during that month, but payable in 1937, are income to the taxpayer in the latter year even though it is on an accrual basis.

In rendering its decision, the Tax Court stated that in the case of Falmouth Co. v. Com'r (Tar Products Corporation v. Com'r), reported...

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