Thos. Goggan & Bro. v. Commissioner
United States Board of Tax Appeals
1. The gain on installment sales of pianos and electric refrigerators held taxable in the years when the installment sales contracts were turned over to finance companies for cash or credit for the face amount of the contracts, less finance charges or "hold-backs", or both. 2. In 1938 the petitioner purchased a Buick automobile at a price of $1,401.28 and was allowed a credit of $575.28 on a Chrysler car turned in by the petitioner in part payment therefor.
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1. The gain on installment sales of pianos and electric refrigerators held taxable in the years when the installment sales contracts were turned over to finance companies for cash or credit for the face amount of the contracts, less finance charges or "hold-backs", or both. 2. In 1938 the petitioner purchased a Buick automobile at a price of $1,401.28 and was allowed a credit of $575.28 on a Chrysler car turned in by the petitioner in part payment therefor. The depreciated cost of the Chrysler at the time was $782.17. The petitioner claims the difference between the credit allowance and the…
1Opinion of the Court
*221OPINION.
Smith:
Section 44 (d) of the Revenue Acts of 1936 and 1938 provides in part as follows:
SBC. 44. INSTALLMENT BASIS.
ife Sfc ifc * # # 5jC(d) Gain ob Loss upon Disposition of Installment Obligations. — If an installment obligation is satisfied at other than its face value or distributed, transmitted, sold, or otherwise disposed of, gain or loss shall result to the extent of the difference between the basis of the obligation and (1) in the case of satisfaction at other than face value or a sale or exchange — the amount realized, or (2) in ease of a distribution, transmission, or…
2Cited by14 opinions
- Motorlease Corporation v. United StatesDistrict Court, D. Connecticut · 1963
- Town & Country Food Co. v. CommissionerUnited States Tax Court · 1969
- Mathers v. CommissionerUnited States Tax Court · 1972
- Hegra Note Corp. v. CommissionerUnited States Tax Court · 1966
- Pilot Freight Carriers, Inc. v. CommissionerUnited States Tax Court · 1956
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