5-percent commissions on “deposit premiums” received by insurance agency partnership
How later courts described this case
- 5-percent commissions on “deposit premiums” received by insurance agency partnership
- advance payments made by customers for advertising signs
- payments for advertising signs
Written by the judges who cited it.
The opinion
Witiiey, J., concurring: I concur in both the reasoning and conclusion of the majority opinion but would add that the findings here indicate rather conclusively that whatever costs of manufacture of signs already paid for existed, petitioner still at the end of the annual taxable period owned the benefits thereof because such signs either completely or partially built remained in its inventory at that time and it therefore had no cost of goods sold with respect thereto which constituted an offset against receipts.