Artnell Co. v. Commissioner
United States Court of Appeals for the Seventh Circuit
400 F.2d 981 (1968)
Relevant factsFree
The Chicago White Sox recorded advance ticket, broadcasting, and parking-book revenue as unearned income deferred until each specific game was actually played; after Artnell (plaintiff) acquired the team, it excluded that deferred income from its final tax return, but the Commissioner (defendant) required inclusion, and the Tax Court affirmed without ruling on whether the accrual method clearly reflected income.
IssueFree
Whether taxable income is computed according to the accrual method of accounting regularly used by the taxpayer if the method clearly reflects income.