Kilborn v. Commissioner
United States Tax Court
1. A partnership, of which petitioner was a member, sold and assigned to a bank conditional sales contracts, which it acquired in the course of its business of selling used cars.
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1. A partnership, of which petitioner was a member, sold and assigned to a bank conditional sales contracts, which it acquired in the course of its business of selling used cars. Part of the purchase price was credited to the partnership for its unrestricted use, while another part was placed in a special reserve account for the partnership over which the bank retained control as security for the performance by the partnership of its obligation under its contract with the bank, including the obligation to repurchase any conditional sales contracts which might thereafter be in default by two…
1Opinion of the Court
OPINION.
TURNER, Judge:
The petitioner, during the taxable years 1947,1948, and 1949, was a member of a partnership engaged in the sale of used automobiles. This partnership entered into an agreement with the First National Bank of Mobile, wherein the latter agreed to purchase paper acquired by the partnership in the retail sale of used cars on an installment basis. Such paper was required to be satisfactory to the bank in form and content and to provide for the retention of title until full payment thereunder was made, or for a lien to secure such payment. The total indebtedness was to be…
2Cases cited14 opinions
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