United States Board of Tax Appeals May 15, 1930, Docket Nos. 22753, 22754. (Foster v. Commissioner)

lead-opinion

*960OPINION.

Marquette:

The first question to be considered is whether the Greene and Waggoner note for $27,500 given and maturing in 1920, but not paid until a subsequent- year, constituted, taxable income for 1920. The note was given to the partnership of Foster & Allen in which firm the present petitioners, as a community, owned a one-half interest.