O'Dell v. Commissioner
United States Tax Court
During the taxable years petitioners were partners in the small loan business. When loans were made to a borrower petitioners took a note for the principal loaned him to which was added certain charges which petitioners called fees and commissions. The note was either payable in 1 monthly installment or in 6 monthly installments of equal amounts, as the case might be.
Read the full summary
During the taxable years petitioners were partners in the small loan business. When loans were made to a borrower petitioners took a note for the principal loaned him to which was added certain charges which petitioners called fees and commissions. The note was either payable in 1 monthly installment or in 6 monthly installments of equal amounts, as the case might be. Each note contained a provision which read: "It is hereby agreed any payments made on this note shall be applied first to the principal." When a borrower made payments on his note the payments were first credited to principal…
1Opinion of the Court
OPINION.
Black, Judge:
As has been stated in our Findings of Fact, the petitioners were partners in the small loan business. That was their only business. It is not disputed that the books and records of the small loan businesses were kept on the cash receipts and disbursements basis, the partnership information returns of the small loan businesses were filed on the cash basis, and petitioners’ jpint income tax returns were filed on the cash basis. Also there is no dispute as to the gross amount of loans made by the small loan companies and their collections on these loans in each of the…
2Cases cited2 opinions
- Blair v. First Trust & Savings Bank of MiamiCourt of Appeals for the Fifth Circuit · 1930
- Helvering v. Martin-Stubblefield, Inc.Court of Appeals for the Eighth Circuit · 1934
3Cited by5 opinions
- Liftin v. CommissionerUnited States Tax Court · 1961
- Estate of Ratliff v. CommissionerUnited States Tax Court · 1993
- Estate of Hagen v. CommissionerUnited States Tax Court · 1969
- Estate of Ratliff v. CommissionerUnited States Tax Court · 1993
- O'Dell v. CommissionerUnited States Tax Court · 1956