ALSCHULER, Circuit Judge.
The question here is whether profit from a sale of a certain leasehold was realized in 1920 or in 1921 by the taxpayer, whose returns were on cash basis. The Board of Tax Appeals decided that it was realized in 1920, and the government appeals.
By a contract in writing, dated July 1, 1920, taxpayer agreed for the sale of a 99-year leasehold for $195,000. The contract provided that $10,000 be paid at once to a third party, and, when...
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