Rubert Armstrong v. Tax Court of Puerto Rico

On December 23, 1947, by deed of sale and mortgagee-executed in San Juan, José Rubert Armstrong sold to the; Everlasting Development Corporation the joint ownership of: an undivided property of 517.5179 cuerdas located in Mona-cillos Ward of Río Piedras.1 The property was sold for $64,000, of which the vendor received from the purchaser, the amount of $12,000 immediately. The corporation bound itself to pay the difference of $51,200 in four instalments of $12,800 each on June 30 and December 31, 1948;. January 15 and February 15, 1949, with interest at the rate of 2% per annum payable on…