Fandrich v. Commissioner
United States Tax Court
Held: Petitioners' election to report gain from the sale of real estate by a method other than the installment basis is binding and they are not now entitled to a recomputation of tax on the installment method. Held further: Petitioners are liable for addition to tax for substantial underestimation within the meaning of section 294(d)(2), Internal Revenue Code of 1939.
1Opinion of the Court
Ernest Fandrich and Georgia Fandrich v. Commissioner.
Fandrich v. Commissioner
Docket No. 54334.
United States Tax Court
T.C. Memo 1956-134; 1956 Tax Ct. Memo LEXIS 162; 15 T.C.M. (CCH) 677; T.C.M. (RIA) 56134;
May 31, 1956
Held: Petitioners' election to report gain from the sale of real estate by a method other than the installment basis is binding and they are not now entitled to a recomputation of tax on the installment method.
Held further: Petitioners are liable for addition to tax for substantial underestimation within the meaning of section 294(d)(2), Internal Revenue Code of 1939.
John…
2Cases cited7 opinions
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- United States v. KaplanSupreme Court of the United States · 1938
- Sherwood v. CommissionerUnited States Tax Court · 1953
- Strauss v. CommissionerUnited States Board of Tax Appeals · 1935
- Key Largo Shores Properties, Inc. v. CommissionerUnited States Board of Tax Appeals · 1930
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