Old Colony Railroad v. Commissioner

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that the rules of accounting enforced by the Interstate Commerce Commission are not binding upon the IRS
• holding that compulsory accounting rules do not control tax consequences
• holding that “the rules of accounting enforced upon a carrier by the Interstate Commerce Commission are not binding upon the Commissioner, nor may he resort to the rules of that body, made for other purposes, for the determination of tax liability under the revenue acts”
• construing interest as “the amount which one has contracted to pay for the use of borrowed money”
• in interpreting statutory language, “the plain, obvious and rational meaning of a statute is always to be preferred to any curious, narrow, hidden sense”
• in interpreting statutory language, “the plain, obvious and rational meaning of a statute is to be preferred to any curious, narrow, hidden sense”

Source: CourtListener parenthetical corpus (CC0).