Evans Motor Co. v. Commissioner
United States Tax Court
Petitioner is an automobile dealer and sells automobiles with downpayment of cash or trade-in payment with balance of purchase price being payable in monthly installments provided for in conditional sales contracts. Petitioner sold some of these contracts to a finance company which remitted part of the sales price in cash and credited part to petitioner in a "Special Reserve" account.
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Petitioner is an automobile dealer and sells automobiles with downpayment of cash or trade-in payment with balance of purchase price being payable in monthly installments provided for in conditional sales contracts. Petitioner sold some of these contracts to a finance company which remitted part of the sales price in cash and credited part to petitioner in a "Special Reserve" account. It was provided in the contract that amounts accumulated to petitioner in the special reserve account were to be held by the finance company until such time as those amounts equal or exceed 3 per cent of "our…
1Opinion of the Court
Evans Motor Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Evans Motor Co. v. Commissioner
Docket No. 66001
United States Tax Court
29 T.C. 555; 1957 U.S. Tax Ct. LEXIS 5;
December 30, 1957, Filed
Decision will be entered for the respondent.
Petitioner is an automobile dealer and sells automobiles with downpayment of cash or trade-in payment with balance of purchase price being payable in monthly installments provided for in conditional sales contracts. Petitioner sold some of these contracts to a finance company which remitted part of the sales price in cash and credited part…
2Cases cited3 opinions
- Blaine Johnson and His Wife, Evelyn K. Johnson v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1956
- Keasbey & Mattison Co. v. United StatesCourt of Appeals for the Third Circuit · 1944
- Evans Motor Co. v. CommissionerUnited States Tax Court · 1957