Court Opinion

ID: 4595325
Source: CourtListenerOpinion
Date Created: 2020-11-20 19:14:48.128269+00
Date Added: 2024-06-11T07:51:25.424386
License: Public Domain

Cliff Motor Corporation v. Commissioner.Cliff Motor Corp. v. CommissionerDocket No. 63564.United States Tax CourtT.C. Memo 1959-144; 1959 Tax Ct. Memo LEXIS 103; 18 T.C.M. (CCH) 635; T.C.M. (RIA) 59144; July 16, 1959*103  Herbert L. Zuckerman, Esq., for the petitioner. Arthur Pelikow, Esq., for the respondent.  OPPERMemorandum Opinion OPPER, Judge: Respondent determined a deficiency of $5,292.78 in petitioner's income tax for the year 1954. The sole issue is whether amounts which financial institutions, discounting petitioner's paper, credited during the year in issue on their books to the reserve accounts of petitioner, an automobile dealer on an accrual basis of accounting, are taxable in that year. All of the facts are stipulated and are found accordingly. This case is concededly indistinguishable from  , affirming , which has now been decided by the United States Supreme Court, - U.S. - (June 22, 1959). On the authority thereof, Decision will be entered for the respondent.