Vischia v. Commissioner
United States Tax Court
Petitioners did not elect in their 1950 Federal income tax return to report a gain from the sale of real property on the installment basis. Held, they cannot thereafter so elect for the first time.
1Opinion of the Court
OPINION.
Raum, Judge:
Respondent has determined a deficiency in the Federal income tax of the petitioners for the taxable year 1950 in the amount of $13,340.28. The sole remaining issue is. whether respondent erred in refusing to permit petitioners to elect to report on the installment basis the gain from a sale of real property in 1950.
The facts have all been stipulated, and the stipulation is incorporated herein as our findings.
Petitioners are husband and wife, and reside in Clifton, New Jersey. Their joint Federal income tax return for the taxable year 1950 was filed with the then collector…
2Cases cited4 opinions
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Thrift v. CommissionerUnited States Tax Court · 1950
- Cedar Valley Distillery, Inc. v. CommissionerUnited States Tax Court · 1951
- Commons v. CommissionerUnited States Tax Court · 1953
3Cited by16 opinions
- Bayley v. CommissionerUnited States Tax Court · 1960
- Estate of Stamos v. CommissionerUnited States Tax Court · 1970
- Ireland v. CommissionerUnited States Tax Court · 1959
- National Western Life Ins. Co. v. CommissionerUnited States Tax Court · 1970
- Wierschem v. CommissionerUnited States Tax Court · 1984
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