§462 — Repealed. June 15, 1955, ch. 143, § 1(b), 69 Stat. 134]

29 cases·2 followed·1 distinguished·26 cited—7% support

Statute Text — 26 U.S.C. §462

[§ 462. Repealed. June 15, 1955, ch. 143, § 1(b), 69 Stat. 134] Section, act Aug. 16, 1954, ch. 736 68A Stat. 158, related to reserves for estimated expenses. Statutory Notes and Related Subsidiaries Effective Date of RepealRepeal effective with respect to taxable years beginning after Dec. 31, 1953, and ending after Aug. 16, 1954, see section 3 of Act June 15, 1955, set out as an Effective Date of 1955 Amendment note under section 381 of this title. Savings ProvisionFor provisions concerning increase in tax in any taxable year ending on or before June 15, 1955 by reason of enactment of act June 15, 1955, see section 4 of act June 15, 1955, set out as a note under section 381 of this title.

29 Citing Cases

Richard Leo Warbus, Petitioner 110 T.C. No. 21 · 1998

462, current version at 25 U.S.C. sec. 1 (1994). Borrowed funds are not included in a taxpayer's income. Nor are repayments of a loan deductible from income. When, however, one's obligation to repay the funds is settled for less than the amount of the loan, one ordinarily realizes income from discharge - 10 - of indebtedness.3 Sec. 61(a)(12);

Dayton Hudson Corp. v. Commissioner 101 T.C. 462 · 1993

462 (repealed 1955). Accordingly, this Court in Altec Corp. v. Commissioner, T.C. Memo. 1977-438, characterized shrinkage estimates as a reserve. Former section 462 (repealed 1955) allowed taxpayers to deduct increases in reserves for certain estimated expenses. This section was repealed, and the law is well settled that only a few reserves ac

Madison Newspapers, Inc. v. Commissioner 27 T.C. 618 · 1956

Latrobe Steel Co. v. Commissioner 62 T.C. 456 · 1974

Dorr-Oliver Inc. v. Commissioner 40 T.C. 50 · 1963

Estate of Clopton v. Commissioner 93 T.C. 275 · 1989

Rickard v. Commissioner 88 T.C. 188 · 1987

Cross v. Commissioner 83 T.C. 561 · 1984

Karmun v. Commissioner 82 T.C. 201 · 1984

Hoptowit v. Commissioner 78 T.C. 137 · 1982

Estate of Bailey v. Commissioner 79 T.C. 441 · 1982

Wynecoop v. Commissioner 76 T.C. 101 · 1981

Ohio River Collieries Co. v. Commissioner 77 T.C. 1369 · 1981

Jourdain v. Commissioner 71 T.C. 980 · 1979

Sharvy v. Commissioner 67 T.C. 630 · 1977

World Airways, Inc. v. Commissioner 62 T.C. 786 · 1974

Quality Chevrolet Co. v. Commissioner 50 T.C. 458 · 1968

Peoples Bank & Trust Co. v. Commissioner 50 T.C. 750 · 1968

Denver & Rio Grande Western Railroad v. Commissioner 38 T.C. 557 · 1962

Kimble Glass Co. v. Commissioner 35 T.C. 1238 · 1961

Davey Co. v. Commissioner 32 T.C. 743 · 1959

Virginia Stevedoring Corp. v. Commissioner 30 T.C. 996 · 1958

Old National Bank in Evansville v. Commissioner 28 T.C. 1075 · 1957

National Bank of Commerce of Seattle v. Commissioner 27 T.C. 762 · 1957

Crater Lake Machinery Co. v. Commissioner 29 T.C. 620 · 1957

General Retail Corp. v. Commissioner 29 T.C. 632 · 1957

United States v. Luciano Pascacio-Rodriguez 749 F.3d 353 · Cir.

Pension Benefit Guaranty Corp. v. Findlay Indus., Inc. 902 F.3d 597 · Cir.

United States v. Sabhnani 599 F.3d 215 · Cir.