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treatment. Thor Power Tool Co. v. Commissioner, 439 U.S. 522,
540-541 (1979). Although generally accepted accounting practices
may generally be used for tax accounting purposes, the taxpayer’s
use of a method of accounting is “expressly limited to cases
where the Commissioner believes that the accounts clearly reflect
the net income.” Lucas v. American Code Co., 280 U.S. 445, 449
(1930); see American Auto. Association v. United States, 367 U.S.
687, 693 (1961). A transaction need not be characterized the
same for financial accounting purposes and for tax purposes.
Frank Lyon Co. v. United States, 435 U.S. 561, 577 (1978).
To reflect concessions,
Decision will be entered
under Rule 155.
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