Mathers v. Commissioner
United States Tax Court
Held, the transfer of installment notes by petitioner, a dealer in furniture and appliances, to a finance company was a sale or other disposition of such notes by petitioner within the meaning of sec. 453(d), I.R.C. 1954, and not a transfer of such notes as collateral security for amounts borrowed by petitioner from the finance company.
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Held, the transfer of installment notes by petitioner, a dealer in furniture and appliances, to a finance company was a sale or other disposition of such notes by petitioner within the meaning of sec. 453(d), I.R.C. 1954, and not a transfer of such notes as collateral security for amounts borrowed by petitioner from the finance company. Held, further, that petitioner realized taxable income in 1964 to the extent that he did not remit to the State taxing authorities State and local sales tax collected during that year.
1Opinion of the Court
Atkins, Judge:
Respondent determined deficiencies in income tax against the petitioners for the taxable years 1961, 1962, and 1964 in the amounts of $12,793.86, $3,227.13, and $20,006.95, respectively. Petitioners raised certain issues in their petition with regard to which they introduced no evidence and accordingly they are considered to have been abandoned. The issues remaining for decision are whether petitioners sold or otherwise disposed of certain installment obligations in 1964 so that the entire amount of gain must be included in their taxable income for 1964 and whether petitioners…
2Cases cited9 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- James v. United StatesSupreme Court of the United States · 1961
- Meyer v. CommissionerUnited States Board of Tax Appeals · 1941
- Elmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1933
- Town & Country Food Co. v. CommissionerUnited States Tax Court · 1969
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3Cited by4 opinions
- Estate of Kurtzhalz v. CommissionerUnited States Tax Court · 1975
- Mathers v. CommissionerUnited States Tax Court · 1972
- Schaeffer v. CommissionerUnited States Tax Court · 1981
- Schwartz v. CommissionerUnited States Tax Court · 1995