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SNIDER v. C. I. R.

No. 71-2340.

453 F.2d 188 (1972)

Charles J. and Annis SNIDER et al., Petitioners-Appellants-Cross Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee-Cross Appellant.

United States Court of Appeals, Fifth Circuit.

January 3, 1972.

Attorney(s) appearing for the Case

Wentworth T. Durant, Ronald M. Mankoff, Dallas, Tex., for petitioners-appellants.

Fred B. Ugast, Acting Asst. Atty. Gen., Meyer Rothwacks, Atty., Tax Div., U. S. Dept. of Justice, K. Martin Worthy, Chief Counsel, Edward D. Robertson, Atty., I. R. S., Issie L. Jenkins, Ernest J. Brown, Attys., Tax Div., Dept. of Justice, Washington, D. C., for respondent-appellee.

Before THORNBERRY, MORGAN and CLARK, Circuit Judges.

THORNBERRY, Circuit Judge:

This is an appeal from a decision of the United States Tax Court in favor of the Commissioner. The issue presented is whether a deductible loss, which was realized by accrual-method taxpayers on the sale of their lumber mill, was to be accrued in 1965 when a contract of sale was entered into or in 1966 when the bill of sale was delivered and the sale price was paid.1 Taxpayers used the calendar year as their...

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