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THOM v. U.S.

Nos. 4:00CV3121, 4:00CV3122, 4:00CV3123, 4:00CV3124.

134 F.Supp.2d 1093 (2001)

James L. THOM and Jean M. Thom, Plaintiffs, v. UNITED STATES of America, Defendant. Leroy W. Thom and Jean E. Thom, Plaintiffs, v. United States of America, Defendant. David W. Thom and Janis M. Thom, Plaintiffs, v. United States of America, Defendant. Tom Thom and Ladena Thom, Plaintiffs, v. United States of America, Defendant.

United States District Court, D. Nebraska.

March 22, 2001.

Attorney(s) appearing for the Case

Reginald S. Kuhn, Mattson, Ricketts Law Firm, Lincoln, NE, for plaintiffs.

Sally R. Johnson, Assistant United States Attorney, Lincoln, NE, Robert D. Metcalfe, U.S. Dept. of Justice, Tax Division, Washington, DC, for defendant.

MEMORANDUM AND ORDER

KOPF, District Judge.

Most of the time, businesses that deal in personal property cannot take advantage of the installment sales provisions of the Internal Revenue Code (Code). For example, if a company makes and sells a widget in 2001 and then takes half the purchase price in that year with the balance in 2002 pursuant to an installment sale contract, the company must treat all the income as taxable in 2001 despite the fact that part...

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