THOMAS, District Judge.
This is a tax case in which trial by jury was waived. The facts are stipulated. Briefly stated, they are that the plaintiff is a corporation engaged in the business of selling furniture at retail, primarily on the installment plan. Prior to the year 1923, the plaintiff kept its books and made its income tax returns on the accrual basis of accounting. In October, 1923, it applied to and received permission from the Commissioner of Internal Revenue...
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