In re Alsheimer

Under the facts *1013in this case the owner is entitled to avail itself of income and expenses based on an accrual basis, but this does not mean that upon such a basis it can include as an accrual expense for a single year the accumulated unpaid interest which it had paid on the mortgage, which interest payments covered a period of some seven years prior to the accounting period. Close, P. J., Hagarty, Carswell, Taylor and Lewis, JJ., concur.