Legal Opinion
Busch's Kredit Jewelry Co., Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided January 6, 1950No. 21382_1PublishedCited by 3 opinions
1Opinion of the Court
AUGUSTUS N. HAND, Circuit Judge.
The taxpayer, Busch’s Kredit Jewelry Co., Inc., which is a New York corporation engaged in the retail sale of jewelry and related merchandise, made virtually all of its sales on the installment credit plan. It computed its net income for income tax purposes on the installment basis under Section 44(a) of the Internal Revenue Code, 26 U.S.C.A. § 44(a). That subdivision permits a taxpayer who regularly sells personal property on the installment plan to “return as income therefrom in any taxable year that proportion of the installment payments actually received in…
2Cases cited3 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- KIMBRELL'S HOME FURNISH. v. Commissioner of Int. Rev.Court of Appeals for the Fourth Circuit · 1947
- South Texas Lumber Co. v. CommissionerCourt of Appeals for the Fifth Circuit · 1947
3Cited by3 opinions
- May, Stern & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1950
- John Breuner Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1950
- Hart Furniture Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1950