Gordon v. State Tax Commission

The taxpayers constitute a partnership (hereinafter called the appellant) engaged in the business of financing the purchase of automobiles under conditional sale arrangements. In each transaction, the appellant purchases from an automobile dealer a conditional sale contract and an instalment note signed by a purchaser, and then proceeds to collect the instalments. The conditional sale agreement shows on one line the cash purchase price, the finance charge including insurance premiums on another line, and the "total time price” on a third line. The accompanying note is stated in the…