Thos. Goggan & Bro. v. Commissioner
United States Board of Tax Appeals
1. The gain on installment sales of pianos and electric refrigerators held taxable in the years when the installment sales contracts were turned over to finance companies for cash or credit for the face amount of the contracts, less finance charges or "hold-backs", or both. 2. In 1938 the petitioner purchased a Buick automobile at a price of $1,401.28 and was allowed a credit of $575.28 on a Chrysler car turned in by the petitioner in part payment therefor.
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1. The gain on installment sales of pianos and electric refrigerators held taxable in the years when the installment sales contracts were turned over to finance companies for cash or credit for the face amount of the contracts, less finance charges or "hold-backs", or both. 2. In 1938 the petitioner purchased a Buick automobile at a price of $1,401.28 and was allowed a credit of $575.28 on a Chrysler car turned in by the petitioner in part payment therefor. The depreciated cost of the Chrysler at the time was $782.17. The petitioner claims the difference between the credit allowance and the…
1Opinion of the Court
THOS. GOGGAN & BRO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Thos. Goggan & Bro. v. Commissioner
Docket No. 103927.
United States Board of Tax Appeals
45 B.T.A. 218; 1941 BTA LEXIS 1158;
September 26, 1941, Promulgated
1. The gain on installment sales of pianos and electric refrigerators held taxable in the years when the installment sales contracts were turned over to finance companies for cash or credit for the face amount of the contracts, less finance charges or "hold-backs", or both.
2. In 1938 the petitioner purchased a Buick automobile at a price of $1,401.28 and was…
2Cases cited7 opinions
- Thos. Goggan & Bro. v. CommissionerUnited States Board of Tax Appeals · 1941
- Graves, Cox & Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Elmer v. CommissionerUnited States Board of Tax Appeals · 1931
- Hamilton v. CommissionerUnited States Board of Tax Appeals · 1934
- W. H. Hartman Co. v. CommissionerUnited States Board of Tax Appeals · 1930
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