Friday, April 13, 2007
5th Circuit Cites Wikipedia in Tax Case
I previously have blogged the citation of Wikipedia by students, law professors, and judges (including Tax Court judges). The Fifth Circuit has become the latest court to cite Wikipedia in a tax case in Exxon Mobil Corp. v. Commissioner, No. 06-60276 (5th Cir. 4/10/07), for, of all things, the meaning of "accrue":
The word “accrue” is an accounting term that means to record or calculate an item of income or expense that has not yet been paid. http://en.wikipedia.org/wiki/Accrual (accessed: March 23, 2007). Accrued interest is interest that is due or earned as of a certain calculation date but which has not yet been paid. Because of interest compounding, accrued interest continues to earn interest, just as does the principal amount of the tax overpayment.
https://taxprof.typepad.com/taxprof_blog/2007/04/5th_circuit_cit.html