Schlude v. Commissioner
1963 United States Supreme Court case / From Wikipedia, the free encyclopedia
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Schlude v. Commissioner, 372 U.S. 128 (1963), is a decision by the United States Supreme Court in which the Court held that, under the accrual method, taxpayers must include as income in a particular year advance payments by way of cash, negotiable notes, and contract installments falling due but remaining unpaid during that year.[1] In doing so, the Court tossed aside the matching principle in favor of the earlier-of test.
Quick Facts Schlude v. Commissioner, Argued December 10, 1962 Decided February 18, 1963 ...
Schlude v. Commissioner | |
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Argued December 10, 1962 Decided February 18, 1963 | |
Full case name | Schlude, et ux. v. Commissioner of Internal Revenue |
Citations | 372 U.S. 128 (more) 83 S. Ct. 601; 9 L. Ed. 2d 633; 1963 U.S. LEXIS 2583 |
Case history | |
Prior | 32 T.C. 1271 (1959); reversed, 283 F.2d 234 (8th Cir. 1960); cert. granted, vacated, and remanded, 367 U.S. 911 (1961); rehearing denied, 368 U.S. 873 (1961); Tax Court affirmed on remand, 296 F.2d 721 (8th Cir. 1961); cert. granted, 370 U.S. 902 (1962). |
Holding | |
Under the accrual method, taxpayers must include as income in a particular year advance payments by way of cash, negotiable notes, and contract installments falling due but remaining unpaid during that year. | |
Court membership | |
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Case opinions | |
Majority | White, joined by Warren, Black, Clark, Brennan |
Dissent | Stewart, joined by Douglas, Harlan, Goldberg |
Laws applied | |
Internal Revenue Code |
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