...370* dollars. LAW AND ANALYSIS Section 453 (a) (1) of the Code provides that a person who sells or disposes of personal property on the installment plan...the gross profit, realized or to be realized when the payment is completed, bears to the total contract price. Section 453 (b) of the Code provides that...

...(a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Secretary or his delegate, a person who regularly sells or otherwise disposes...payments actually received In that year which the pros* profit, realized or to be realized when payment is completed, bears to the total contract price....

...of realization. Section 453, 1.RC 1954, provides in part as follows : SEC. 453. INSTALLMENT METHOD. any taxable year that proportion of the installment...completed, bears to the total contract price. (b) SALES op REALTY AND CASUAL SALES OF PERSONALTY. — (1) GENERAL RULE. — Income from — (A) a sale or other...

...Code provides that, under regulations prescribed by the Secretary of the Treasury or his delegate, a person who regularly sells or otherwise disposes...taxable year that proportion of the installment payments received in that year which the gross profit, realized or to be realized when payment is completed,...

...regulations prescribed by tbe Commissioner with the approval of tbe Secretary, a person who regularly sella or otherwise disposes of personal property on the...Installment payments actually received In that year whlcb the cross profit realized or to be realized when payment Is completed, bears to tbe total contract...

...44. INSTALLMENT BASIS. (•) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a...Installment plan may return as Income therefrom In any Unable year that proportion of the Installment payments actually received In that year whlcb the gross...

...year do not exceed 30 percent of the selling price, the vendor may return as income from each sale in any taxable year that proportion of the installment...which the gross profit realized or to be realized when the property is paid for bears to the total contract price. Section 1.453-l(b)(l) of the regulations...

...amended return attempting to revoke the election. Section 453 (a) of the Code provides, in part, that a person who regularly sells or otherwise disposes...may return as income therefrom in any taxable year a proportion of the installment payments actually received in each year. Section 453 (b) of the Code...

...that proportion of the Installment payments actually received In that year which the gross proilt, realized or to be realized when payment is completed,...**••**• (b) SALES OF REALTY AND CASUAL SALES OF PERSONALTY. — (1) GENERAL RULE. — Income from — (A) a sale or other disposition of real property,...

...sale any taxable year that proportion the installment payments actually I ceived in that year that the gross profit, realized or to be realized when...payment is completed, bears to the total contract price. The agreement of sale, by its terms, allocated the sales price among the several classes of assets...