Waldheim Realty and Investment Company v. Commissioner of Internal Revenue

How courts have described this case

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

• insurance for one year period is deductible expense even though protection extends into subsequent year
• to prorate required prepaid insurance premiums for cash basis taxpayer would be to “create ‘a divided and inconsistent method of accounting not properly to be denominated either a cash or an accrual system’ ”
• “It is common knowledge that the surrender value of a policy cancelled by the insured is upon a short term rate basis, and considerably less than the prorata return of the premium for the unexpired term.”

Source: CourtListener parenthetical corpus (CC0).