Mathers v. Commissioner
United States Tax Court
Held, the transfer of installment notes by petitioner, a dealer in furniture and appliances, to a finance company was a sale or other disposition of such notes by petitioner within the meaning of sec. 453(d), I.R.C. 1954, and not a transfer of such notes as collateral security for amounts borrowed by petitioner from the finance company.
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Held, the transfer of installment notes by petitioner, a dealer in furniture and appliances, to a finance company was a sale or other disposition of such notes by petitioner within the meaning of sec. 453(d), I.R.C. 1954, and not a transfer of such notes as collateral security for amounts borrowed by petitioner from the finance company. Held, further, that petitioner realized taxable income in 1964 to the extent that he did not remit to the State taxing authorities State and local sales tax collected during that year.
1Opinion of the Court
John B. Mathers and Laura C. Mathers, Petitioners v. Commissioner of Internal Revenue, Respondent
Mathers v. Commissioner
Docket No. 3014-68
United States Tax Court
57 T.C. 666; 1972 U.S. Tax Ct. LEXIS 178;
February 24, 1972, Filed
Decision will be entered under Rule 50.
Held, the transfer of installment notes by petitioner, a dealer in furniture and appliances, to a finance company was a sale or other disposition of such notes by petitioner within the meaning of sec. 453(d), I.R.C. 1954, and not a transfer of such notes as collateral security for amounts borrowed by petitioner from the finance…
2Cases cited10 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- James v. United StatesSupreme Court of the United States · 1961
- Meyer v. CommissionerUnited States Board of Tax Appeals · 1941
- Elmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1933
- Town & Country Food Co. v. CommissionerUnited States Tax Court · 1969
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