Issue Presented
Whether a rental payment by a cash basis taxpayer for a lease year that extended eleven months beyond the year of payment is fully deductible in the year of payment as an ordinary and necessary business expense or must be deducted on a prorated basis as a capital expenditure.
Read more about this topic: Zaninovich V. Commissioner
Famous quotes containing the words issue and/or presented:
“Modern equalitarian societies ... whether democratic or authoritarian in their political forms, always base themselves on the claim that they are making life happier.... Happiness thus becomes the chief political issuein a sense, the only political issueand for that reason it can never be treated as an issue at all.”
—Robert Warshow (19171955)
“The soul and body are joint-sharers in every thing they get: A man cannot dress, but his ideas get cloathd at the same time; and if he dresses like a gentleman, every one of them stands presented to his imagination, genteelized along with him.”
—Laurence Sterne (17131768)