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LONG POULTRY FARMS v. COMMISSIONER OF INTERNAL REV.

No. 7458.

249 F.2d 726 (1957)

LONG POULTRY FARMS, Incorporated, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided November 8, 1957.

Attorney(s) appearing for the Case

Hugh C. Bickford and Mac Asbill, Jr., Washington, D. C., for petitioner.

Karl Schmeidler, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., and Lee A. Jackson, Atty., Dept. of Justice, Washington, D. C., on brief), for respondent.

Marion B. Plant and Hart H. Spiegel, San Francisco, Cal., as amici curiae, and Brobeck, Phleger & Harrison, San Francisco, Cal., of counsel.

Before PARKER, Chief Judge, HAYNSWORTH, Circuit Judge, and THOMPSON, District Judge.

PARKER, Chief Judge.

This is a petition to review a decision of the Tax Court holding that a taxpayer on the accrual basis must report as taxable income a patronage refund credit allotted to it by an agricultural cooperative association. The taxpayer is the Long Poultry Farms, Inc., a poultry raiser of Newmarket, Virginia, which had been selling poultry to Rockingham Poultry Market, Inc., of Broadway, Virginia, in which taxpayer...

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