SOUTH TEXAS LUMBER CO. v. COMMISSIONER OF INTERNAL REV.

No. 11896.

162 F.2d 866 (1947)

SOUTH TEXAS LUMBER CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

July 3, 1947.


Attorney(s) appearing for the Case

J. Arthur Platt, of Houston, Tex., for petitioner.

Charles C. MacLean, Jr., of New York City, for petitioner in amicus curiae.

Carlton Fox and Helen R. Carloss, Sp. Assts. to the Atty. Gen., Sewall Key, Acting Asst. Atty. Gen., J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and WALLER, Circuit Judges.


WALLER, Circuit Judge.

The Taxpayer, a corporation under the laws of Texas, which keeps its books and files its income and excess profits tax returns on the calendar year and on the accrual basis, made sales of certain real estate and elected to compute and report the profit from such sales on the installment basis as provided by Sec. 44(b) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev. Code, § 44. The question presented is whether or not in computing the...

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