Susie K. Ackerman v. United States

LEWIS, Circuit Judge.

This is a suit to recover income taxes and interest allegedly illegally assessed and collected. The trial court, upon consideration of facts not in dispute, denied relief.

Late in December, 1958, taxpayer sold real estate at an agreed price of $13,000 payable in installments, without interest, according to the terms of a note secured by mortgage for the entire selling price. The first payment was due January 2, 1959, with succeeding annual payments to become due until the full price was paid. Taxpayer realized a long term capital gain upon the sale in the amount of…