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Commissioner
of Internal Revenue v. South Texas Lumber Co. |
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The manifest intent of installment
sales by creating a win-win for all parties. We know this is
true based on what the U.S. Supreme Court stated on installment
sales in Commissioner v. South Texas Lumber Co., 333 U.S. 496,
503 (1948), wherein they stated: The installment basis
of reporting was enacted, as shown by its history, to relieve
taxpayers who adopted it from having to pay an income tax in
the year of sale based on the full amount of anticipated profits
when in fact they had received in cash only a small portion
of the sales price. |
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