CHANROBLES VIRTUAL LAW LIBRARY
US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ | chanrobles.com™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : www.chanroblesbar.com DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for www.chanrobles.com


AMERICAN NATIONAL CO. V UNITED STATES, 274 U. S. 99 (1927)

Subscribe to Cases that cite 274 U. S. 99 RSS feed for this section

U.S. Supreme Court

American National Co. v United States, 274 U.S. 99 (1927)

American National Co. v United States

No. 167

Argued February 25, 1927

Decided April 11, 1927

274 U.S. 99

Syllabus

A corporation, in the business of making and selling loans on five year notes and mortgages, derived its income from commissions in the form of two year notes made by the borrowers, and, in selling loan notes to investors, agreed, as an inducement, to pay them bonuses of a specified percent yearly of the loans sold, during the life thereof. Held that, under § 13(d) of the Revenue Act of 1916, and regulations of the Treasury pursuant thereto, a method of accounting which accrued the aggregate of the commission notes received during a tax year as income thereof, though not then due and payable, and which similarly accrued the aggregate of bonus contracts made during the year as expenses thereof, correctly reflected the income, and that such aggregate of bonus contracts was properly deducted from the gross of the commissions in ascertaining taxable income. United States v. Anderson, 269 U. S. 422. P. 274 U. S. 103.

Reversed.

Appeal from a judgment of the district court in favor of the United States in a suit under the Claims Act (Jud.Code chanroblesvirtualawlibrary

Page 274 U. S. 100

§ 24, par. 20) to recover an amount paid under protest as an income and excess profits tax.





Back
ChanRobles™ LawTube

google search for chanrobles.com Search for www.chanrobles.com


Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



www.chanrobles.us




QUICK SEARCH

cralaw

Browse By ->> Volume


cralaw

Browse By ->> Year


cralaw

  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
RED