Key Largo Shores Properties, Inc. v. Commissioner
United States Board of Tax Appeals
The fact that petitioner originally reported income from the sale of real estate on the installment basis does not preclude it from changing to the deferred payment basis where the installment basis does not correctly reflect income.
1Opinion of the Court
*1011OPINION.
ArtjNdell :
Petitioner having filed a return for the year 1925 in which it reported income from the sale of real estate according to the installment method provided for by section 212(d) of the Revenue Act of 1926, now seeks to report the sale in a manner so as to first recover its capital outlay and, in fact, so as to show a loss. The respondent in auditing petitioner’s return accepted the installment method of accounting for the sale of the Key Largo tract, but used a percentage different from that of petitioner in determining the portion of the initial payment to be reported as…
2Cited by7 opinions
- Stiles v. CommissionerUnited States Tax Court · 1978
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- Biscayne Bay Islands Co. v. Commissioner (A)United States Board of Tax Appeals · 1931
- Fandrich v. CommissionerUnited States Tax Court · 1956
- Ives Dairy, Inc. v. CommissionerUnited States Board of Tax Appeals · 1931
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