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S. & L. BLDG. CORPORATION v. COMMISSIONER OF INTERNAL REVENUE

No. 41.

60 F.2d 719 (1932)

S. & L. BLDG. CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

July 18, 1932.

Attorney(s) appearing for the Case

George W. Perper, of New York City (Leo H. Hoffman, Robert W. Knox, Leo Brady, and Kix Miller, Baar & Hoffman, all of New York City, of counsel), for appellant.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key, Whitney North Seymour, and Andrew Daniel Sharpe, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and F. R. Shearer, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for appellee.

Before L. HAND, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

L. HAND, Circuit Judge.

The appeal involves the application of section 212 (d) of the Revenue Act of 1926 (26 USCA § 953 (d), which, although the transactions at bar happened in 1924 and 1925, section 1208 of the act (26 USCA § 953a) made retroactive. It was designed to allow a taxpayer in the case of installment sales to spread the profit over the whole period during which payments were made, so as to avoid loading all of it upon those years which followed...

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