Texas Trailercoach, Inc. v. Commissioner
United States Tax Court
Petitioner (hereinafter referred to as Dealer), an accrual basis taxpayer, made installment sales of trailers. Purchaser executed time payment contracts, agreeing to pay the selling price of the trailer, plus a finance or time payment charge. Dealer, being financially unable to hold all of these contracts, assigned most of them to a finance company for 95 per cent of the selling price of the trailer in cash.
Read the full summary
Petitioner (hereinafter referred to as Dealer), an accrual basis taxpayer, made installment sales of trailers. Purchaser executed time payment contracts, agreeing to pay the selling price of the trailer, plus a finance or time payment charge. Dealer, being financially unable to hold all of these contracts, assigned most of them to a finance company for 95 per cent of the selling price of the trailer in cash. Also, Finance Co. would credit the Dealer with the remaining 5 per cent of the selling price of the trailer and would, at its discretion, credit the Dealer with a portion of the finance…
1Opinion of the Court
Texas Trailercoach, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Texas Trailercoach, Inc. v. Commissioner
Docket No. 52388
United States Tax Court
27 T.C. 575; 1956 U.S. Tax Ct. LEXIS 8;
December 21, 1956, Filed
Decision will be entered for the respondent.
Petitioner (hereinafter referred to as Dealer), an accrual basis taxpayer, made installment sales of trailers. Purchaser executed time payment contracts, agreeing to pay the selling price of the trailer, plus a finance or time payment charge. Dealer, being financially unable to hold all of these contracts, assigned most of…
2Cases cited9 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- E. W. Schuessler and Aline Schuessler v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1956
- 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
4 more not listed; retrieve them via the Exa API.