Hercules Motors Corp. v. Commissioner

HERCULES MOTORS CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Hercules Motors Corp. v. Commissioner

Docket No. 92225.

United States Board of Tax Appeals

40 B.T.A. 999; 1939 BTA LEXIS 768;

November 30, 1939, Promulgated

Trade acceptances, received by petitioner in payment of goods sold and disposed of at less than their face value, constitute property held primarily for sale to customers in the ordinary course of trade or business. (Sec. 117(b), Revenue Act of 1934.)

H. A. Mihills, C.P.A., and F. E. Gleach, Esq., for the petitioner.

T. F. Callahan, Esq., for the respondent.

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