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WARREN JONES COMPANY v. C. I. R.

No. 74-1531.

524 F.2d 788 (1975)

WARREN JONES COMPANY, Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Ninth Circuit.

September 22, 1975.

Attorney(s) appearing for the Case

Meade Whitaker, I.R.S., Washington, D.C. (argued), for appellant.

W. V. Clodfelter, Seattle, Wash. (argued), for appellee.

Before ELY and HUFSTEDLER, Circuit Judges, and TAYLOR, Senior District Judge.

OPINION

ELY, Circuit Judge:

During its taxable year ending on October 31, 1968, the Warren Jones Company, a cash basis taxpayer, sold an apartment building for $153,000. In return, the taxpayer received a cash downpayment of $20,000 and the buyer's promise in a standard form real estate contract, to pay $133,000, plus interest, over the following fifteen years. The Tax Court held, with three judges dissenting, that...

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