Davenport Machine & Foundry Co. v. Commissioner
United States Tax Court
Petitioner is a corporation engaged in the manufacture of foundry and dehydration equipment. Foundry equipment is sold for cash. Commencing about 1937, petitioner began to sell its dehydration equipment on credit and such fact was known throughout the trade. Held, under all the facts, for the year 1945, petitioner is entitled to report income from the credit sale of dehydration equipment on the installment basis under section 44 (a) of the Internal Revenue Code.
1Opinion of the Court
Davenport Machine & Foundry Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Davenport Machine & Foundry Co. v. Commissioner
Docket No. 30314
United States Tax Court
18 T.C. 39; 1952 U.S. Tax Ct. LEXIS 226;
April 8, 1952, Promulgated
Decision will be entered under Rule 50.
Petitioner is a corporation engaged in the manufacture of foundry and dehydration equipment. Foundry equipment is sold for cash. Commencing about 1937, petitioner began to sell its dehydration equipment on credit and such fact was known throughout the trade. Held, under all the facts, for the year 1945,…
2Cases cited2 opinions
- John Wanamaker v. CommissionerCourt of Appeals for the Third Circuit · 1932
- Davenport Machine & Foundry Co. v. CommissionerUnited States Tax Court · 1952