Bd. of Commissioners v. Midwest Associates, Inc.

Appellee has filed a petition to transfer this appeal from the Appellate Court as a result of an opinion by that court holding that the real estate purchased on an installment contract from the U. S. Government was taxable as to the interest held by the purchaser. (See Appellate Court Opinion at 245 N. E. 2d 853.)

We have come to the conclusion that the transfer should be denied not only for the reasons given in the Appellate Court opinion but for the reasons which we desire to elaborate more fully.

The Appellate Court opinion is based upon the proposition that the buyer on contract of real…