Facts of Grynberg
During the years 1974 through 1979, taxpayers prepaid certain business expenses each December that were not due until February and March of the following year. Taxpayers used the Cash Method of accounting for Federal income tax purposes. Under that method, taxpayers deducted the prepaid expenses paid in December when they were paid, rather than in February or March when they would otherwise be due.
Read more about this topic: Grynberg V. Commissioner
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