Motors Acceptance Co. v. Wisconsin Tax Commission

The positions taken by the company and by the Tax Commission can be illustrated by assuming that the company purchased a $1,000 deferred payment note and contract for $900 on July 1st of a given year upon which the maker of the note was obligated to pay $100 a month. The company contends that it receives no profit or income from the transaction until cash is paid to it upon the note, and that as each $100 payment is made during the remaining six months of the year it received an income or profit of ten per' cent, on the amount actually paid to it each month, making a total of $60 of profit or…