Rundel v. Commissioner
United States Board of Tax Appeals
Under the facts in this case, petitioner having elected to report the sale of real estate according to the installment method, may not change to the deferred payment plan not on the installment basis.
1Opinion of the Court
*1020OPINION.
Arundell:
Petitioner having reported income from the sale of property according to the installment method, now asks that he be permitted to have his income from the sale determined upon the deferred payment basis.
It is clear from the stipulation filed by the parties, which has been made the basis of our findings of fact, that the petitioner did in fact make a profit in the sale of certain property in the year 1925. The law under which his return was filed permitted, at his option, reporting the profit on the installment basis. This' method was not mandatory, bu( only at his election…
2Cited by5 opinions
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- Rundel v. CommissionerUnited States Board of Tax Appeals · 1930