installment basis
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 333 U.S. 496 - Commissioner of Internal Revenue v. South Texas Lumber Co · 1948Most cited · 2,076 citing opinions
permits a taxpayer to return as taxable income for a given year only 'that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price