131 F.2d 65 | 5th Cir. | 1942
What is for decision here is whether the Board erred in holding: (1) That for 1936, the tax year in question, petitioner could not, as it had been doing since its organiza
The facts as stipulated are fully set out in the findings and opinion of the Board,
Here petitioner rather feebly insists that its use for ten years, and respondent’s acquiescence in its use for eight years, of the accounting periods used by it as fiscal year periods made the period in question an acceptable though an irregular fiscal period within the Revenue Acts of 1934 and 1936.
We cannot agree with either of petitioner’s contentions. The clear and precise language of the statute, Note 2, supra, and its uniform construction by the courts cf. Swift & Company v. United States, 38 F.2d 365, 68 Ct.Cl. 97, 69 Ct.Cl. 171, and Dulin v. Commissioner, 6 Cir., 70 F.2d 828, settles the first contention against it. The equally precise language of the statute allowing dividends paid credits,
Where the taxpayer’s acts are unequivocal, as here, and their tax consequences clear, questions, of the intent with which he did the act, or the supposed equitable or inequitable result of this or that view are wholly immaterial. What the taxpayer did, and not what he intended to do, is the controlling inquiry. The Board was right; its decision is affirmed.
“§ 41. * * * If the taxpayer’s annual accounting period is other than a fiscal year as defined in section 48 * * * the net income shall be computed on the basis of the calendar year.”
Ҥ 48. Definitions * * *
“b. Fiscal Year, ‘fiscal year’ means an accounting period of twelve months ending on the last day of any month other than December.” 26 U.S.C.A. Int. Rev.Code §§ 41, 48(b).
Revenue Act 1936, § 27(a), 26 U.S. C.A. Int.Rev.Acts, page 837. “(a) * * * For the purposes of this title, the dividends paid credit shall be the amount of dividends paid during the taxable year.”