Pozzi v. Commissioner
United States Tax Court
1. For several years prior to 1963 Shamrock had sought to purchase a ready-mix concrete plant and business conducted by petitioners as a sole proprietorship. In 1963 petitioners agreed to sell the properties to Shamrock for $ 200,000. At that time it was the desire and intention of Shamrock to make a cash payment of the total sales price. The petitioners insisted that the sale be made on an installment payment basis and would not accept cash payment of the total sales price.
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1. For several years prior to 1963 Shamrock had sought to purchase a ready-mix concrete plant and business conducted by petitioners as a sole proprietorship. In 1963 petitioners agreed to sell the properties to Shamrock for $ 200,000. At that time it was the desire and intention of Shamrock to make a cash payment of the total sales price. The petitioners insisted that the sale be made on an installment payment basis and would not accept cash payment of the total sales price. Thereafter extended negotiations followed between petitioners and Shamrock as to security to be furnished for the…
1Opinion of the Court
OPINION
The petitioners take the position that the arrangement which finally evolved between them and Shamrock and Pozzi, Inc., under which they transferred their business and assets to the latter, qualified as an installment sale imder section 453 of the Code of 1954, and that the respondent’s determination with respect thereto was erroneous and should not be sustained. The petitioners recognize that the burden of sustaining their position was upon them and urge that they have fully sustained it. The respondent, however, contends otherwise.
The purpose of the installment method of reporting…
2Cases cited12 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Lucas v. EarlSupreme Court of the United States · 1930
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- Dohany v. RogersSupreme Court of the United States · 1930
- Minnesota Tea Co. v. HelveringSupreme Court of the United States · 1938
7 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- W. B. Rushing v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1971
- Pityo v. CommissionerUnited States Tax Court · 1978
- Lustgarten v. CommissionerUnited States Tax Court · 1978
- Stiles v. CommissionerUnited States Tax Court · 1978
- John E. Reed v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1983
30 more not listed; retrieve them via the Exa API.