¶2The Board is of the opinion that Drake & Company was a partnership for the years in question. As the taxpayer kept no individual books the computation of his tax by the Commissioner on the calendar-year basis was proper under section 212 (b) of the Revenue Act of 1918, which provides, inter alia, that if the taxpayer has no annual accounting period or does not keep books his net income shall be computed on the basis of the calendar year.
1 B.T.A. 1235
Drake v. Commissioner
United States Board of Tax Appeals
Decided May 26, 1925
United States Board of Tax Appeals · decided 1925-05-26
On the evidence, held, that Drake & Company was a partnership during the years in question. Held: that Drake & Company was a partnership during the years in question. Under the Revenue Act of 1918, the net income of a taxpayer who keeps no books shall be computed on the basis of a calendar year.
Cited by 3 later decisions — most recently May 1948
Good law ✅— No negative treatment on recordhow we know
Decided 1925-05-26
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