Luhring Motor Co. v. Commissioner
United States Tax Court
1. Petitioner, an accrual basis taxpayer, sold automobiles during the taxable year 1955 on a deferred payment basis. The purchaser executed a conditional sale contract, which set forth the "total time price" of the car, including, inter alia, finance charges. The total amount of finance charges (which consisted of interest and collection fees) for the term of the contract was set forth separately therein.
Read the full summary
1. Petitioner, an accrual basis taxpayer, sold automobiles during the taxable year 1955 on a deferred payment basis. The purchaser executed a conditional sale contract, which set forth the "total time price" of the car, including, inter alia, finance charges. The total amount of finance charges (which consisted of interest and collection fees) for the term of the contract was set forth separately therein. The total finance charge was divided by the number of monthly payments provided in the contract and payable at fixed dates over the term of the contract to determine the monthly finance…
1Opinion of the Court
Luhring Motor Company, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Luhring Motor Co. v. Commissioner
Docket No. 80278
United States Tax Court
42 T.C. 732; 1964 U.S. Tax Ct. LEXIS 74;
July 17, 1964, Filed
Decision will be entered under Rule 50.
1. Petitioner, an accrual basis taxpayer, sold automobiles during the taxable year 1955 on a deferred payment basis. The purchaser executed a conditional sale contract, which set forth the "total time price" of the car, including, inter alia, finance charges. The total amount of finance charges (which consisted of interest and collection…
2Cases cited36 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Commissioner v. HansenSupreme Court of the United States · 1959
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
31 more not listed; retrieve them via the Exa API.