Herbert Kaufman v. Commissioner of Internal Revenue

The taxpayer and the Commissioner have been involved in protracted litigation over several years. The items in question in the Tax Court proceedings which gave rise to this appeal were involved in tax deficiencies for the years 1950 through 1954. After an earlier decision of the Tax Court in which it had valued these and other items, the taxpayer appealed to this court. We upheld the Tax Court on most of the points in issue but directed it to revalue certain installment land sale contracts and certain hypothecations involved in the taxpayer’s real estate transactions. Kaufman v. Commissioner…