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JOHNSON v. COMMISSIONER OF INTERNAL REVENUE

No. 7166.

233 F.2d 952 (1956)

Blaine JOHNSON and his wife, Evelyn K. Johnson, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided May 18, 1956.

Attorney(s) appearing for the Case

Albert Simons, Jr., and Huger Sinkler, Charleston, S. C. (Sinkler, Gibbs & Simons, Charleston, S. C., on brief), for petitioners.

Carolyn R. Just, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson and Robert N Anderson, Attys., Dept. of Justice, Washington, D. C., on brief), for respondent.

Before PARKER, Chief Judge, SOPER, Circuit Judge, and THOMSEN, District Judge.

THOMSEN, District Judge.

The principal question on this petition to review a decision of the Tax Court is whether amounts withheld by finance companies purchasing notes from taxpayer, an accrual basis trailer dealer, and set up and credited to his "dealer's reserve" account on the companies' books as reserves against possible losses, pursuant to agreements between the companies and taxpayer, should be considered taxable income to him (a) in the years in which they...

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