105 T.C. No. 17
UNITED STATES TAX COURT
HACHETTE USA, INC., AS SUCCESSOR TO HACHETTE PUBLICATIONS, INC.,
AND CURTIS CIRCULATION CO., SUBSIDIARY, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
HACHETTE USA, INC., AS SUCCESSOR TO HACHETTE DISTRIBUTION, INC.,
AND CURTIS CIRCULATION CO., SUBSIDIARY, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket Nos. 11693-94, 11694-94. Filed September 25, 1995.
Ps filed their consolidated Federal income tax
returns electing under sec. 458, I.R.C., to exclude
from gross income the sales revenue attributable to
magazines that were returned by the purchasers shortly
after the close of the tax year. In computing gross
income Ps originally made correlative adjustments to
cost of goods sold pursuant to sec. 1.458-1(g), Income
Tax Regs. Subsequently they filed amended returns
recomputing gross income without the cost adjustments
required by the regulation, taking the position that
the regulation is invalid.
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