Key Homes, Inc. v. Commissioner
United States Tax Court
Petitioner, an accrual basis taxpayer, was engaged in the business of constructing and selling houses. It sold five houses in the fiscal year 1953 under a financing arrangement with a savings and loan association wherein the association made first mortgage loans to purchasers sufficient to cover the difference between the purchase price and the cash downpayment but petitioner agreed, in connection with each mortgage, to deposit with the savings and loan association a certain…
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Petitioner, an accrual basis taxpayer, was engaged in the business of constructing and selling houses. It sold five houses in the fiscal year 1953 under a financing arrangement with a savings and loan association wherein the association made first mortgage loans to purchasers sufficient to cover the difference between the purchase price and the cash downpayment but petitioner agreed, in connection with each mortgage, to deposit with the savings and loan association a certain sum as additional security, which sum was held by the savings and loan association in a savings account to petitioner's…
1Opinion of the Court
Mulhonet, Judge:
Respondent determined a deficiency in petitioner’s Federal income tax for the fiscal year ended October 31, 1953, in the amount of $3,580.29. The issue is whether the petitioner must include in income certain portions of the purchase price of sales of real estate made in the fiscal year 1953, where such portions are placed in a savings account with the financing institution and assigned as collateral security to protect the financing institution from loss through default by the purchaser of the real estate.
FINDINGS OP PACT.
The stipulated facts are incorporated by this…
2Cases cited6 opinions
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Blaine Johnson and His Wife, Evelyn K. Johnson v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1956
- Commissioner of Int. Rev. v. Cleveland Trinidad Pav. Co.Court of Appeals for the Sixth Circuit · 1932
- Texas Trailercoach, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Brodsky v. CommissionerUnited States Tax Court · 1956
1 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- First Sav. & Loan Asso. v. CommissionerUnited States Tax Court · 1963
- Western Oaks Bldg. Corp. v. CommissionerUnited States Tax Court · 1968
- Glenn L. Bolling and Ila L. Bolling, Mae L. Hausmann, Fairhills Company, B & H Homes, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1966
- Schneer v. CommissionerUnited States Tax Court · 1991
- Consolidated Gas & Equipment Co. v. CommissionerUnited States Tax Court · 1961
16 more not listed; retrieve them via the Exa API.