Court Opinion

ID: 9447591
Source: CourtListenerOpinion
Date Created: 2023-08-03 22:38:21.884509+00
Date Added: 2024-06-11T17:31:06.165453
License: Public Domain

WOODROUGH, Circuit Judge
(dissenting).
This Court twelve years ago considered the question that is the crux of the *242presently involved controversy in the case of Capital Warehouse Co., Inc. v. Commissioner of Internal Revenue, 8 Cir., 1948, 171 F.2d 395.
In that case the taxpayer sought to ■exclude from its gross income that portion thereof which it had set aside on its books as a reserve to cover its contractual liabilities to its customers to remove merchandise from its warehouse at the end of its storage period. The Tax Court, 9 T.C. 966, held that the Commissioner rightfully refused to uphold the exclusion. We affirmed the decision of the Tax Court. Although other Courts of Appeals have since reached contrary conclusions, I would adhere to our former decision and affirm the Tax Court in this case.