Burnet v. S. & L. Building Corp.

The respondent, Building Corporation, sought redetermination of deficiency income taxes for 1924 and Í925. The Board of Tax Appeals sustained the Commissioner’s final action óf June 17, 1930; the court below reversed its judgment; The point now in controversy has relation to the distribution for taxation of income derived from sales on the installment plan of two pieces of real estate on 82nd and 83rd Streets, New York City. Each was covered by one or more mortgages which the purchaser assumed.

The Revenue Act 1926, c; 27, 44 Stat. 9, 23, 39, 41, § 230, lays a tax upon the net income of…