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North American Oil Consolidated v.
Section 13 c of the Revenue Act of Abs 417 entire course, obliging receivers "operating the property and business of corporations" to make returns of net income "as and for such corporations," applied only where a receiver was in complete control of the entire properties and business of the corporation; otherwise, the return must be made by the corporation.
Part of an operating property was taken over by a receiver in a suit challenging the owner's title. Held, that the owner need not report income as of the year when it was collected by the receiver, while the right to it was in doubt, but must report it as income of the year when the amount collected was paid over to him and the bill dismissed.
The fact that appeals from the decree were not determined in his favor until a later year did not defer the time for returning the income.
The money was paid to the company under the following circumstances: Prior to that year, the government, claiming also the beneficial Page U.
The money paid to the company in represented the net profits which had been earned from that property in during the receivership.
The money was paid to the receiver as earned. After entry by the district court in of the final decree dismissing the bill, the money was paid, in that year, by the receiver to the company. North American Oil Consolidated, F.
The government took an appeal without supersedeas to the Circuit Court of Appeals. Inthat court affirmed the decree. Ina further appeal to this Court was dismissed by stipulation. The income earned from the property in had been entered on the books of the company as its income.
It had not been included in its original return of income for ; but it was included in an amended return for that year which was filed in Upon auditing the company's income and profits tax returns forthe Commissioner of Internal Revenue determined a deficiency based on other items.
The company appealed to the Board of Tax Appeals. There, inthe Commissioner prayed that the deficiency already claimed should be increased so as to include a tax on the amount paid by the receiver to the company in The Board held that the profits were taxable to the receiver as income ofand hence made no finding whether the company's accounts were kept on the cash receipts and disbursements basis or on the accrual basis.
The Circuit Court of Appeals held that the profits were taxable to the company as income ofregardless of whether the company's returns were made on the cash or on the Page U. This Court granted a writ of certiorari.
It is conceded that the net profits earned by the property during the receivership constituted income. The company contends that they should have been reported by the receiver for taxation in ; that, if not returnable by him, they should have been returned by the company forbecause they constitute income of the company accrued in that year, and that, if not taxable as income of the company forthey were taxable to it as income forsince the litigation was not finally terminated in its favor until The income earned in and impounded by the receiver in that year was not taxable to him, because he was the receiver of only a part of the properties operated by the company.
The regulations of the Treasury Department have consistently construed Page U. That construction is clearly correct.
The language of the section contemplates a substitution of the receiver for the corporation, and there can be such substitution only when the receiver is in complete control of the properties and business of the corporation.
Moreover, there is no provision for the consolidation of the return of a receiver of part of a corporation's property or business with the return of the corporation itself. It may not be assumed that Congress intended to require the filing of two separate returns for the same year, each covering only a part of the corporate income without making provision for consolidation so that the tax could be based upon the income as a whole.
The net profits were not taxable to the company as income of For the company was not required in to report as income an amount which it might never receive. There was no constructive receipt of the profits by the company in that year, because at no time during the year was there a right in the company to demand that the receiver pay over the money.
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