W. J. Byrnes & Co. v. Commissioner
1926 BTA LEXIS 2932 | B.T.A. | 1926
Lead Opinion
The petitioner advanced considerable sums for the payment of freight on shipments of goods belonging to its customers. Such advances were generally collected in a short time, but required the use of substantial amounts of capital. Its balance sheets show that at December 31, 1918, it had accounts receivable in the amount of $63,057.39 and accounts payable in the amount of $51,049.48. During the year it operated a warehouse for hire and derived income
Judgment will be entered for the Commissioner.