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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“It is not the simple statement of facts that ushers in freedom; it is the constant repetition of them that has this liberating effect. Tolerance is the result not of enlightenment, but of boredom.”
—Quentin Crisp (b. 1908)