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COMMISSIONER OF INTERNAL REVENUE v. HECHT CO.

No. 5595.

163 F.2d 194 (1947)

COMMISSIONER OF INTERNAL REVENUE v. HECHT CO.

Circuit Court of Appeals, Fourth Circuit.

July 19, 1947.

Attorney(s) appearing for the Case

Newton K. Fox, Sp. Asst. to Atty. Gen. (Sewall Key, Acting Asst. Atty. Gen., and Lee A. Jackson, Sp. Asst. to Atty. Gen., on the brief), for petitioner.

I. Herman Sher, of Washington, D. C. (R. A. Bartlett, of Washington, D. C., on the brief), for respondent.

Smith, Kilpatrick, Cody, Rogers & McClatchey, of Atlanta, Ga. (Marion Smith and Louis Regenstein, Jr., both of Atlanta, Ga., on the brief), amici curiae.

Before PARKER and SOPER, Circuit Judges, and CHESNUT, District Judge.

SOPER, Circuit Judge.

The Commissioner of Internal Revenue appeals from a decision of the Tax Court whereby Section 30.736(a)-3 of Treasury Regulations 109 was declared invalid insofar as it prohibits the allowance of deductions (including deductions for bad debts) in the computation of excess profits net income for any excess profits taxable year on account of installment sales made before January 1, 1940, by a taxpayer who has been computing its income from installment...

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