Alworth-Washburn Co. v. Commissioner
United States Board of Tax Appeals
Where a corporation sells a group of installment notes, representing the unpaid portions of the purchase price of lands sold by it in a prior year, by blank endorsement to a bank, the amount received by it in said transaction, to the extent that it represents profits realized from the sale of the lands, is reportable as a part of its gross income for the year.
1Opinion of the Court
ALWORTH-WASHBURN COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Alworth-Washburn Co. v. Commissioner
Docket No. 45651.
United States Board of Tax Appeals
25 B.T.A. 140; 1932 BTA LEXIS 1569;
January 12, 1932, Promulgated
Where a corporation sells a group of installment notes, representing the unpaid portions of the purchase price of lands sold by it in a prior year, by blank endorsement to a bank, the amount received by it in said transaction, to the extent that it represents profits realized from the sale of the lands, is reportable as a part of its gross income for the year.
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2Cases cited1 opinion
- Alworth-Washburn Co. v. CommissionerUnited States Board of Tax Appeals · 1932