Jerpe v. Commissioner
United States Board of Tax Appeals
Where the petitioner made a sale of certain stock for a cash payment and five further payments to be made annually, and elected to report income on the installment basis; and thereafter the petitioner-creditor in 1931 agreed to cancel two of the payments, and did cancel them; held, that the percentage of the 1938 payment returnable as income under section 44, Revenue Act of 1928, must be adjusted to the reduced sale price, the petitioner having neither claimed nor taken any…
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Where the petitioner made a sale of certain stock for a cash payment and five further payments to be made annually, and elected to report income on the installment basis; and thereafter the petitioner-creditor in 1931 agreed to cancel two of the payments, and did cancel them; held, that the percentage of the 1938 payment returnable as income under section 44, Revenue Act of 1928, must be adjusted to the reduced sale price, the petitioner having neither claimed nor taken any deduction for a loss in the year of the reduction.
1Opinion of the Court
J. P. JERPE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Jerpe v. Commissioner
Docket No. 103377.
United States Board of Tax Appeals
45 B.T.A. 199; 1941 BTA LEXIS 1155;
September 26, 1941, Promulgated
Where the petitioner made a sale of certain stock for a cash payment and five further payments to be made annually, and elected to report income on the installment basis; and thereafter the petitioner-creditor in 1931 agreed to cancel two of the payments, and did cancel them; held, that the percentage of the 1938 payment returnable as income under section 44, Revenue Act of 1928, must…
2Cases cited3 opinions
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Jerpe v. CommissionerUnited States Board of Tax Appeals · 1941
- Beers v. CommissionerUnited States Board of Tax Appeals · 1934