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:
“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)
“But it is the same thing we are all seeing,
Our world. Go after it,
Go get it boy, says the man holding the stick.
Eat, says the hunger, and we plunge blindly in again,
Into the chamber behind the thought.”
—John Ashbery (b. 1927)
“I have often repented speaking, but never of holding my tongue.”
—Xenocrates (396–315 B.C.)