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- Title
The Risk on Noncollection and the 'All Events' Test.
- Authors
Millis Jr., Harold W.; Naveen, Ronald S.; Rollin, Arthur S.
- Abstract
Focuses on the 1972 U.S. court case 'W.S. Badcock Corp. v. Commissioner,' where the U.S. Internal Revenue Service (IRS) contended that an expense cannot be accrued until such time as the income is collected. Risk in all credit basis commercial transactions that the purchaser may default in the payment of the purchase price; Conditioning of the payment of an expense on the collection of the income to which it relates.
- Subjects
UNITED States; DEFAULT (Finance); EXPENSE accounts &; taxation; W.S. Badcock Corp.; ACTIONS &; defenses (Law)
- Publication
American Bar Association Journal, 1975, Vol 61, Issue 2, p243
- ISSN
0002-7596
- Publication type
Article