Town & Country Food Co. v. Commissioner
United States Tax Court
The petitioner regularly sold food, food freezers, and "life memberships" on the installment plan. Held, petitioner's sales of life memberships were not sales of personal property within the meaning of sec. 453(a), I.R.C. 1954, and petitioner is therefore not entitled to report the income from such sales upon the installment method.
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The petitioner regularly sold food, food freezers, and "life memberships" on the installment plan. Held, petitioner's sales of life memberships were not sales of personal property within the meaning of sec. 453(a), I.R.C. 1954, and petitioner is therefore not entitled to report the income from such sales upon the installment method. Held, further: That petitioner is entitled to report income from installment sales of freezers (together with initial sales of food in in connection therewith) upon the installment method under sec. 453(a). The subjection of the installment obligations to the lien…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax against the petitioner in the amounts of $66,367.97, $136,946.97, $159,223.72, $27,857.71, $71,963.41, and $110,129.81, for the taxable years ended April 30,1956, through April 30,1961, respectively; additions to tax under section 6653 (b) of the Internal Revenue Code of 1954 of $33,183.98, $68,473.48, $79,611.86, and $13,928.86, for the taxable years ended April 30,1956, through April 30,1959, respectively; and an addition to tax under section 6653(a) of $3,598.17 for the taxable year ended April 30,1960.
The parties have by…
2Cases cited5 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- East Coast Equipment Company v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1955
- Elmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1933
- Thos. Goggan & Bro. v. CommissionerUnited States Board of Tax Appeals · 1941
- Elmer v. CommissionerUnited States Board of Tax Appeals · 1931
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- Realty Loan Corp. v. CommissionerUnited States Tax Court · 1970
- Realty Loan Corporation v. Commissioner of Internal Revenue, Realty Loan Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1973
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