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Income Tax Keyed to Graetz
Westpac Pacific Food v. Commissioner
Citation:
451 F.3d 970 (9th Cir. 2006)Facts
Petitioner was a partnership of grocery stores formed to purchase warehouse inventory from wholesalers. Petitioner had contracted with four wholesalers to purchase a certain volume of merchandise in exchange for a trade discount in the form of cash advance payments. The cash advances were repayable if Petitioner failed to purchase the volume of merchandise it had agreed to from the wholesalers. Petitioner did not report the cash advances as income but instead subtracted pro rata portions of the cash advance payments from the cost of the goods when it purchased them, thus overall increasing its profits and taxable income. The Commissioner of Internal Revenue asserted a deficiency, finding that Petitioner should have reported the cash advances as gross income rather than as a liability.
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