Kilborn v. Commissioner
United States Tax Court
1. A partnership, of which petitioner was a member, sold and assigned to a bank conditional sales contracts, which it acquired in the course of its business of selling used cars.
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1. A partnership, of which petitioner was a member, sold and assigned to a bank conditional sales contracts, which it acquired in the course of its business of selling used cars. Part of the purchase price was credited to the partnership for its unrestricted use, while another part was placed in a special reserve account for the partnership over which the bank retained control as security for the performance by the partnership of its obligation under its contract with the bank, including the obligation to repurchase any conditional sales contracts which might thereafter be in default by two…
1Opinion of the Court
Charles M. Kilborn and Angeline W. Kilborn, Petitioners, v. Commissioner of Internal Revenue, Respondent
Kilborn v. Commissioner
Docket No. 56499
United States Tax Court
29 T.C. 102; 1957 U.S. Tax Ct. LEXIS 56;
October 24, 1957, Filed
Decision will be entered under Rule 50.
1. A partnership, of which petitioner was a member, sold and assigned to a bank conditional sales contracts, which it acquired in the course of its business of selling used cars. Part of the purchase price was credited to the partnership for its unrestricted use, while another part was placed in a special reserve account for the…
2Cases cited15 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Caldwell v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. CaldwellCourt of Appeals for the Second Circuit · 1953
- Fuller v. CommissionerUnited States Tax Court · 1953
- Lawrence v. CommissionerUnited States Tax Court · 1957
- Hartley v. CommissionerUnited States Tax Court · 1954
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