[Download] "State V. Airesearch Mfg. Co." by Arizona Supreme Court " eBook PDF Kindle ePub Free
eBook details
- Title: State V. Airesearch Mfg. Co.
- Author : Arizona Supreme Court
- Release Date : January 23, 1949
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
During the period of its operation it kept its books on an "accrual" basis as distinguished from a "cash" basis. The company in submitting its income tax report to the Arizona State Tax Commission, hereinafter referred to as the commission, in computing the amount due, deducted as a credit on its income the federal income taxes actually paid during the year. However, it showed in each of the years it filed its state income tax report the accrued federal income tax which it declared to be nondeductible. For example, in the year 1943-1944 it deducted as federal income tax, taxes paid -- $48,192.09, and showed an accrual of federal income taxes for that fiscal year of $871,400. In the year 1944-1945 it deducted $871,095.83 federal income tax actually paid, so that the deductions over a period of years, whether on an accrual basis or a cash basis would be the same.