Nature of the Case
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Facts
Kahler (P) got a check on December 31, 1946, after banking hours and as such P was unable to cash the check until the next year. P was a cash basis taxpayer. P claimed that the receipt of a check after banking hours on the last day of a taxable period by a cash basis taxpayer did not result in realization of income in that tax year.
Holding and Decision
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Legal Analysis
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