Holding
No. Despite the general rule that requires accrual method taxpayers to include advance payments in the year of receipt, the court carved out a narrow exception for taxpayers such as the petitioners, who are able to prove that services will be performed on fixed dates in one or more subsequent taxable years.
Read more about this topic: Artnell V. Commissioner
Famous quotes containing the word holding:
“From the beach the child holding the hand of her father,
Those burial clouds that lower victorious soon to devour all,
Watching, silently weeps.”
—Walt Whitman (1819–1892)
“The car as we know it is on the way out. To a large extent, I deplore its passing, for as a basically old- fashioned machine, it enshrines a basically old-fashioned idea: freedom. In terms of pollution, noise and human life, the price of that freedom may be high, but perhaps the car, by the very muddle and confusion it causes, may be holding back the remorseless spread of the regimented, electronic society.”
—J.G. (James Graham)
“One more crack from you, bimbo, and you’ll be holding a lily.”
—James Gleason (1886–1959)