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:
“It’s frightening how easy it is to commit murder in America. Just a drink too much. I can see myself doing it. In England, one feels all the social restraints holding one back. But here, anything can happen.”
—W.H. (Wystan Hugh)
“To me heaven would be a big bull ring with me holding two barrera seats and a trout stream outside that no one else was allowed to fish in and two lovely houses in the town; one where I would have my wife and children and be monogamous and love them truly and well and the other where I would have my nine beautiful mistresses on nine different floors.”
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“Except that right side up is best, there is not much to learn about holding a baby. There are one hundred and fifty-two distinctly different ways—and all are right! At least all will do.”
—Heywood Broun (1888–1939)