1. Home
  2. Browse Decisions
  3. F.2d
  4. 253 F.2d
  5. 253 F.2d 326 (1958)
 

GUARDIAN INVESTMENT CORPORATION v. PHINNEY

No. 16859.

253 F.2d 326 (1958)

GUARDIAN INVESTMENT CORPORATION, Appellant, v. Robert L. PHINNEY, District Director of Internal Revenue, Appellee.

United States Court of Appeals Fifth Circuit.

Rehearing Denied April 14, 1958.

Attorney(s) appearing for the Case

Charles N. Avery, Jr., Austin, Tex., Charles W. Hall, M. S. McCorquodale, C. W. Wellen, Houston, Tex. (Fulbright, Crooker, Freeman, Bates & Jaworski, Houston, Tex., on the brief), for appellant, Guardian Inv. Corp.

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Carolyn R. Just, Attys., Dept. of Justice (Russell B. Wine, U. S. Atty., John R. Locke, Jr., Asst. U. S. Atty., San Antonio, Tex., on the brief), for appellee.

Before CAMERON, JONES, and WISDOM, Circuit Judges.

WISDOM, Circuit Judge.

This appeal presents a question of accrual accounting under Sections 23(b), 41, and 43 of the Internal Revenue Code of 1939. Section 23(b) permits the deduction from gross income of "all interest paid or accrued within the taxable year on indebtedness".1 Section 41 allows the taxpayer to compute net income "upon the basis of the taxpayer's annual accounting period" (fiscal or calendar year), provided the method of...

Let's get started

Leagle.com

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.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases