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CARROLL FURNITURE CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 13886.

197 F.2d 718 (1952)

CARROLL FURNITURE CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fifth Circuit.

June 24, 1952.

Attorney(s) appearing for the Case

Taylor Malone, Jr., F. E. Hagler, Memphis, Tenn., for petitioner.

Joseph F. Goetten, Sp. Asst. to Atty. Gen., Lee A. Jackson, Ellis N. Slack, Acting Asst. Atty. Gen., Mason B. Leming, Acting Chief Counsel, Claude R. Marshall, Special Attorney, Bureau of Int. Rev., Washington, D. C., for respondent.

Before HOLMES, STRUM, and RIVES, Circuit Judges.

RIVES, Circuit Judge.

This petition for review of a decision of the Tax Court reported at 15 T.C. 943 presents for decision two questions, viz:

1. Whether the taxpayer's gain was realized and subject to accrual at the time it purchased the accounts receivable of a separate, unrelated concern, or at the time it collected portions of those accounts.

2. Whether a taxpayer which had elected to compute its income for excess...

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