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Income Tax Keyed to Graetz
Commissioner v. Boylston Market Association
Citation:131 F.2d 966 (1st Cir. 1942)
Respondent’s business was the management of real estate it owned. As part of this business, Respondent maintained fire and other insurance policies covering periods of three or more years. Respondent reported its taxes on a cash receipts and disbursements basis. Each year Respondent deducted as insurance expenses the amount of insurance premiums applicable to carrying insurance for that year, regardless of the year in which the premium was actually paid. The Commissioner of Internal Revenue disallowed the prorated deductions and asserted the deductions must be taken on the year the insurance premiums are paid.
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