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VANGUARD RECORDING SOCIETY v. C. I. R.

No. 67, Docket 33461.

418 F.2d 829 (1969)

VANGUARD RECORDING SOCIETY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals Second Circuit.

Decided November 26, 1969.

Attorney(s) appearing for the Case

Jerome Kamerman, New York City, for petitioner-appellant.

Janet R. Spragens, Atty., Tax Division, Dept. of Justice, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson and Harry Baum, Attys., Dept. of Justice, on the brief), for respondent-appellee.

Before FRIENDLY, SMITH and FEINBERG, Circuit Judges.

J. JOSEPH SMITH, Circuit Judge:

Taxpayer is a New York corporation which keeps its books on an accrual basis. From 1957 to 1963 taxpayer's accounts payable control account exceeded the total of the individual accounts payable by $8,475.75. Taxpayer was aware of this, but allowed the discrepancy to be carried on its books (noted only by a pencil entry in the control account) until it had to have a certified accountant's report, in which no discrepancies could be carried...

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