Standard Computing Scale Co. v. United States

LITTLETON, Judge.

There is no dispute as to the facts in this ease. They show that the net income of the plaintiff for 1920, computed on the installment sales method of accounting by including in taxable income the profits realized in that year on installment sales made in prior years and in invested capital all unrealized gross profits at the beginning of the taxable year on installment sales made in prior years, results in a total tax liability of $33,167.28 and an overpayment of $60,530.60. They further show that the net income of the plaintiff, computed on the installment sales method of…