Davenport Machine & Foundry Co. v. Commissioner
United States Tax Court
Petitioner is a corporation engaged in the manufacture of foundry and dehydration equipment. Foundry equipment is sold for cash. Commencing about 1937, petitioner began to sell its dehydration equipment on credit and such fact was known throughout the trade. Held, under all the facts, for the year 1945, petitioner is entitled to report income from the credit sale of dehydration equipment on the installment basis under section 44 (a) of the Internal Revenue Code.
1Opinion of the Court
OPINION.
Nice, Judge.:
The sole issue is whether petitioner is entitled to report the sale of dehydration equipment sold for credit during the taxable year on the installment sales basis. Section 44 (a) of the Internal Kevenue Code provides that a person who regularly sells or otherwise disposes of personalty on the installment plan may report income therefrom on an installment basis under regulations prescribed by the Commissioner with the approval of the Secretary. Such regulations are set forth in the margin.1
There is no dispute between the parties as to the figures or adjustments if…
2Cases cited1 opinion
- John Wanamaker v. CommissionerCourt of Appeals for the Third Circuit · 1932
3Cited by5 opinions
- Greenspon v. CommissionerUnited States Tax Court · 1954
- Griffith v. CommissionerUnited States Tax Court · 1980
- Davenport Machine & Foundry Co. v. CommissionerUnited States Tax Court · 1952
- Greenspon v. CommissionerUnited States Tax Court · 1954
- Griffith v. CommissionerUnited States Tax Court · 1980