https://www.taxtmi.com/caselaws?id=165172 Outstanding professional fees received after discontinuance of a profession remained taxable as income when the receipts were referable to services previously rendered. The majority held that the charging provisions taxed income received in the previous year, that the heads of income served only classification and computation, and that receipts of later recoveries were assessable on the cash basis in the year of receipt subject to allowable deductions. It further held that computation must follow the method of accounting regularly employed, and that the provision dealing with cessation of business did not exclude later recovery of fees earned during the life of the profession. A dissenting opinion would have treated such post-cessation receipts as non-taxable. en-us Fri, 23 Mar 1945 00:00:00 +0630 Thu, 15 May 2014 18:25:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165172 Outstanding professional fees received after discontinuance of a profession remained taxable as income when the receipts were referable to services previously rendered. The majority held that the charging provisions taxed income received in the previous year, that the heads of income served only classification and computation, and that receipts of later recoveries were assessable on the cash basis in the year of receipt subject to allowable deductions. It further held that computation must follow the method of accounting regularly employed, and that the provision dealing with cessation of business did not exclude later recovery of fees earned during the life of the profession. A dissenting opinion would have treated such post-cessation receipts as non-taxable. Case-Laws Income Tax Fri, 23 Mar 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=165172