WRIGHT CONTRACTING COMPANY v. C. I. R.

No. 19933.

316 F.2d 249 (1963)

WRIGHT CONTRACTING COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. WRIGHT CONTRACTING COMPANY, Respondent.

United States Court of Appeals Fifth Circuit.

Rehearing Denied May 29, 1963.


Attorney(s) appearing for the Case

J. Quentin Davidson, Tom B. Slade, Columbus, Ga., Scott P. Crampton, Korner, Doyle, Worth & Crampton, Washington, D. C., Attorney for petitioner-respondent; Swift, Pease, Davidson & Chapman, Columbus, Ga., of counsel.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, J. M. Morawski, Norman M. Wolfe, Harry Baum, Attys., Dept. of Justice, Crane C. Hauser, Chief Counsel, I.R.S., Washington, D. C., for respondent.

Before TUTTLE, Chief Judge, WOODBURY, Chief Judge, and BELL, Circuit Judge.


TUTTLE, Chief Judge.

This petition for review of a decision of the Tax Court of the United States presents the question whether the Tax Court correctly held that the taxpayer was not entitled to make a change in its accounting treatment for tax purposes of substantial items of income in the nature of "retainages" from the performance of construction contracts from the method theretofore uniformly followed by it in such a manner as to omit from income during the taxable...

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