Spring City Foundry Co. v. Commissioner

292 U.S. 182, rehearing denied 292 U.S. 613 (1934)

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Spring City Foundry Co. v. Commissioner

United States Supreme Court
292 U.S. 182, rehearing denied 292 U.S. 613 (1934)

SR

Facts

Spring City Foundry Co. (Spring City) (plaintiff) uses the accrual method of accounting. In 1920, Spring City sold goods to a purchaser. However, the purchaser went bankrupt that same year and Spring City became aware that it would not receive full payment. Spring City believed the debt accrued by the purchaser in 1920 was not includable in income.

Rule of Law

Issue

Holding and Reasoning (Hughes, C.J.)

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