Burnet v. S. & L. Building Corp., 288 U.S. 406 (1933)
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U.S. Supreme Court BURNET v. S. & L. BUILDING CORPORATION, 288 U.S. 406 (1933)
[Page 288 U.S. 406, 415]
resented part of the admitted profits and was subject to taxation. No positive provision in the statute required that it be spread over subsequent years, and we think there was nothing illegal or oppressive in treating this as if an actual payment. The taxpayer has been treated more leniently than if required to report upon the accrual basis. The Regulations were not contrary to any positive provisions of the statute and, as said by the Board of Tax Appeals, were 'both equitably and legally sound.'
Since 1926, the Board has consistently upheld the Commissioner's regulations as to profits on installment sales. Frank J. Bosshardt, 4 B.T. A. 1262; Dalriada Realty Co., Inc., 5 B.T.A. 905; Pacheco Creek Orchard Co ., 12 B.T.A. 1358; Katherine H. Watson, 20 B.T.A. 270; Fifty-Three West Seventy-Second Street, Inc., 23 B.T.A. 164; Metropolitan Properties Corporation, 24 B.T.A. 220. And the Revenue Acts of 1928 and 1932 substantially re-enacted the pertinent provision of the act of 1926.
The Commissioner and Board of Tax Appeals have practical knowledge of the intricate details incident to tax problems, and their determination in circumstances like those under consideration here should be given effect when not clearly contrary to the will of Congress.
Reversed.
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