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GENERAL GAS CORPORATION v. C. I. R.

No. 18365.

293 F.2d 35 (1961)

GENERAL GAS CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

Rehearing Denied October 2, 1961.

Attorney(s) appearing for the Case

Paul O. H. Pigman of Stone, Pigman & Benjamin, New Orleans, La., and Charles W. Wilson, Harvey H. Posner, Watson, Blanche, Wilson, Posner & Thibault, and E. Leland Richardson, Dale, Richardson & Dale, Baton Rouge, La., of counsel, for petitioner.

Meyer Rothwacks, Carolyn R. Just, Lee A. Jackson, Dept. of Justice, Washington, D. C., Louis F. Oberdorfer, Asst. Atty. Gen., Dept. of Justice, Hart H. Spiegel, Chief Counsel, John M. Morawski, Atty., Internal Revenue Service, Washington, D. C., for respondent.

Before JONES and BROWN, Circuit Judges, and DE VANE, District Judge.

JOHN R. BROWN, Circuit Judge.

This appeal from the Tax Court involves two questions. The first is whether this accrual basis Taxpayer, a corporation, must include in its taxable income amounts held to its credit in a "Dealer's Reserve Account" by a finance company which had purchased its customer notes during the year in which the finance company credits it to the dealer-Taxpayer. If that inquiry is answered affirmatively, the second issue must be resolved. Should...

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