United States Board of Tax Appeals January 2, 1929, Docket Nos. 2365, 2367. (Crosby v. Commissioner)

lead-opinion

*983OPINION.

Phillips :

Petitioners kept their' accounts upon the basis of cash receipts and disbursements and are entitled to make their returns upon the same basis. The notes which they received from Baskins were nonnegotiable and, in certain contingencies, were not to be paid.