Third Circuit holds that advance payments of trade discounts are income on receipt.
The Tax Adviser › Vol. 38 Nbr. 11, November 2007
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Karns Prime & Fancy Food Ltd. v. Internal Revenue Service
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Third Circuit holds that advance payments of trade discounts are income on receipt.
Karns Prime & Fancy Food, Ltd. (Karns), is a Pennsylvania corporation that operates grocery stores in the Harrisburg, Pennsylvania, area. In 1998, Karns's management determined that the company required $1.5 million for capital improvements to its stores. Karns approached its ...
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