...PERSONAL PHOPBETT.— (1) IN GENERAL.—Under regulations prescribed by the Secretary or big delegate, a person who regularly sells or otherwise disposes...personal property on the Installment plan may return us Income therefrom In any taxable year tbat proportion of the Installment payments actually received...

...the job site. Section 453 (a) (1) of the Code and the regulations thereunder, provide, in part, that a person who regularly sells or otherwise disposes of personal property on the installment plan may elect to return as income therefrom in any taxable year that proportion of the installment payments...

...property may elect to use an installment method of accounting. If he does, he must report as income "that proportion of the installment payments actually received in that year which the gross profit * * * to be realized * * * bears to the total contract price." Section 1. 453-2 (c)(l) of the Income...

...Regulations provides, in part, that the income to be returned by the seller in any taxable year is that proportion of the installment payments actually received in that year which the gross profit bears to the total contract price. The gross profit is equal to the selling price less the adjusted...

...provisions of section 453 do not apply to, dispositions of personal property on the installment plan by a person who regularly sells or otherwise disposes of personal property on the installment plan, or to dispositions of personal property of a kind which is required to be included in the inventory...

...section 44 (a) of the Internal Revenue Code of 1939.7 Generally, section 44 (a) provides that a vendor who "regularly sells or otherwise disposes of personal property" on the installment plan may report income on the installment basis under regulations promulgated by the Secretary. There is no...

...INSTALLMENT BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise dlspoaei of personal property on the Installment plan may return as Income therefrom In any taiable...

...personal property — (1) 1n general. Under regulations prescribed by the Secretary or his delegate, a person who regularly sells or otherwise disposes...any taxable year that proportion of the installment payment* actually received in that year which the gross profit. realized or to be realized when payment...

...Secretary or his delegate, a person who regularly sells or otherwise disposes of personal property cm the Installment plan may return as Income therefrom In any taxable year that proportion oí the Installment payments actually received in that year which the gross profit. realized or to...

...personal property — (1) In general. Under regulations prescribed by the Secretary or his delegate, a person who regularly sells or otherwise disposes...which the gross profit. realized or to be realized whtn payment 1* completed, bears to the total contract price. (2) Total contract price. For purposes...