Boca Ratone Co. v. Commissioner of Internal Revenue

DAVIS, Circuit Judge.

This is an appeal frotn an order of the Board of Tax AppeaIs deciding that the petitioner was liable for a deficiency of $3,-1S3.38 in its income tax return for 1929.

_ . , . , - . . t , Jrl0r 0 that year.*1 Pe™er bad “ld n‘n\lots of+“ J\onda f°r $7J' 7S01> whlcb ™as j° be PaM m installments. Title to the land was retained as security but the purchasers took immediate posses-“f® °f_ £ Th? and h*d C0S\th® pet?T'd 243.99, and if all the installments had bf,f Pa¿d 1í w™ld reallzed ;a Pr°bt of $24>506.01. The purchasers paid $39,375 °f ^ contract’ and the P,^on.f' havmg elected…