Gunderson Bros. Engineering Corp. v. Commissioner
United States Tax Court
Petitioner, who kept its books and records on an accrual basis, sold trucks and trailers on a deferred payment basis. A finance charge was added to the cash sales price. The purchaser, under State law and under the terms of the installment contract, was entitled to a refund credit of a portion of the finance charge upon early payment of the balance of the contract. Prior to November 1958, petitioner sold most of the customers' obligations to financial institutions.
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Petitioner, who kept its books and records on an accrual basis, sold trucks and trailers on a deferred payment basis. A finance charge was added to the cash sales price. The purchaser, under State law and under the terms of the installment contract, was entitled to a refund credit of a portion of the finance charge upon early payment of the balance of the contract. Prior to November 1958, petitioner sold most of the customers' obligations to financial institutions. In November 1958 petitioner established its own finance division and thereafter retained all customers' obligations. In addition,…
1Opinion of the Court
Gunderson Bros. Engineering Corp., Petitioner, v. Commissioner of Internal Revenue, Respondent
Gunderson Bros. Engineering Corp. v. Commissioner
Docket No. 4360-62
United States Tax Court
42 T.C. 419; 1964 U.S. Tax Ct. LEXIS 100;
May 21, 1964, Filed. May 21, 1964, Filed
Decision will be entered under Rule 50.
Petitioner, who kept its books and records on an accrual basis, sold trucks and trailers on a deferred payment basis. A finance charge was added to the cash sales price. The purchaser, under State law and under the terms of the installment contract, was entitled to a refund credit of a portion…
Also in this document: Dissent.
2Cases cited45 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Brown v. HelveringSupreme Court of the United States · 1934
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
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