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BUSCH'S KREDIT JEWELRY CO. v. COMMISSIONER OF INT. REV.

No. 35, Docket 21382.

179 F.2d 298 (1950)

BUSCH'S KREDIT JEWELRY CO., Inc. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

Decided January 6, 1950.

Attorney(s) appearing for the Case

Edwin H. Friedman, New York City, M. J. Arnd and Robert G. MacAlister, Pittsburgh, Pa., attorneys and counsel for petitioner.

Thereon Lamar Caudle, Assistant Attorney General, Ellis N. Slack, Helen Goodner and Irving I. Axelrad, Special Assistants to the Attorney General, for respondent Commissioner of Internal Revenue; Irving I. Axelrad, Washington, D. C., Counsel.

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

AUGUSTUS N. HAND, Circuit Judge.

The taxpayer, Busch's Kredit Jewelry Co., Inc., which is a New York corporation engaged in the retail sale of jewelry and related merchandise, made virtually all of its sales on the installment credit plan. It computed its net income for income tax purposes on the installment basis under Section 44(a) of the Internal Revenue Code, 26 U.S.C.A. § 44(a). That subdivision permits a taxpayer who regularly sells personal property on...

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