Kaplan v. United States

LITTLETON, Judge.

The provisions of section 44 (a), (b), and (c) of the Revenue Act of 1928, 26 U.S.C.A. § 44 (a-c) and note, and the applicable portions of article 351 of Treasury Regulations 74, are set forth in the margin.*9671 Subdivision (b) (1) of section 44 governs this case. This was a casual sale in 1929 of personal property for a price in excess of $1,000 and the initial payment was less than 40 per cent, of the selling price. Plaintiff, therefore, was entitled to report this transaction on the installment basis and to return as income therefrom in 1929 that proportion of the installment…