Carroll Furniture Co. v. Commissioner of Internal Revenue

RIVES, Circuit Judge.

This petition for review of a decision of the Tax Court reported at 15 T.C. 943 presents for decision two questions, viz:

1. Whether the taxpayer’s gain was realized and subject to accrual at the time it purchased the accounts receivable of a separate, unrelated concern, or at the time it collected portions of those accounts.

2. Whether a taxpayer which had elected to compute its income for excess profits tax purposes on the accrual basis in accordance with Section 736(a) of the Internal Revenue Code, 26 U.S.C.A. § 736 (a), rather than on the installment basis in accordance…