Elmer v. Commissioner of Internal Revenue

L. HAND, Circuit Judge.

'The question raised by this appeal is of the taxpayer’s right under section 212(d) of the Revenue Act of 1926 (26 USCA § 953(d) — which was made retroactive — to al locate part of Ms income from instalment sales among the years when his customers actually paid for the goods. This in turn depends upon whether the transactions between him and two “finance companies,” were sales or loans. If sales, he agrees that the Commissioner and the Board were right, who refused to allow the payments to be spread beyond the year in which he assigned his customers’ contracts to the…