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BURRELL GROVES, INC. v. COMMISSIONER

Docket No. 39264.

22 T.C. 1134 (1954)

BURRELL GROVES, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 31, 1954.

Attorney(s) appearing for the Case

Douglas D. Felix, Esq., for the petitioner.

Newman A. Townsend, Jr., Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency of $10,250.78 in the income tax of the petitioner for its fiscal year ended May 31, 1946. The only issue for decision is whether the deferred profit on an installment sale of real estate is taxable during this fiscal year as a result of the petitioner's canceling and satisfying the installment obligations in connection with the resale of the...

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