Commissioner v. Carey-Reed Co.

HICKS, Circuit Judge.

Petition by the Commissioner of Internal Revenue to review a decision of the Board of Tax Appeals reversing his action in assessing a deficiency in income taxes against respondent in the amount of $1,394.75 for the year 1933. The facts were stipulated.

The taxpayer was engaged in the business of street, road and sewer construction. Prior to 1933 it contracted to make certain street, paving and sewer improvements in four municipalities of Kentucky and received in part payment therefor bonds in the following amounts:

From the City of For In the Amount of

Marion Street…