SANBORN, Circuit Judge.
J. B. Banek, of McLaughlin, South Dakota, is and has been for many years a grower of small grain who reports his income, for federal tax purposes, upon a cash and calendar year basis. In October 1947 he had most of his 1947 crop in storage in the grain elevator operated by W. E. Kurle at McLaughlin. Banek sold the stored grain to Kurle, who did not pay for it until after January 1, 1948. Banek regarded the proceeds of sale of the grain, sold...
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