Heilig Meyers Co. v. Internal Revenue Service

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May 9, 2007

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5023 Home Furnishings
423220 Home Furnishing Merchant Wholesalers
bankruptcy
Heilig Meyers Co. v. Internal Revenue Service
2007 U.S. App. LEXIS 11052
US
Federal Court
4th Circuit
United States Court of Appeals
Brian P. Arthur, Brian S. Gleicher, Bruce R. Ellisen, Chuck Rosenberg, Eileen J. O'Connor, Joan Iris Oppenheimer, Michael Brown Quigley
Ernst & Young (debtor/taxpayer); Theodore Barnhill Jr. (IRS)
Wilkinson

Summary

Taxpayer’s fair market valuation of account receivables must "clearly reflect income" under accounting requirements of IRC §446(b).
Heilig Meyers Co. v. Internal Revenue Service
PDF, Size: 73 KB

See Also

Accounting Method Trumps Valuation in ‘Clear Reflection of Income’ Case

Legal and Court Case Update
July 2007

Taxpayer’s fair market valuation of account receivables must “clearly reflect income” under accounting requirements of IRC §446(b).

This article also appears in:
Business Valuation & Bankruptcy Compendium, Third Edition