Duram Bldg. Corporation v. Commissioner of Internal Rev.

SWAN, Circuit Judge.

In February, 1926, the petitioner, Duram Building Corporation, sold two parcels of real estate at a profit over their cost. The issue presented by this appeal is whether it was entitled to return this profit for taxation upon the installment basis, pursuant to section 212 (d) of the Revenue Aet of 1926 (26 USCA § 953 (d). The sales were made for part cash and the balance in the purchaser’s notes secured by mortgage. The cash received from the purchaser was less than one-fourth of the purchase price; but subsequently, upon dissolution of the petitioner in August, 1926, the…