These documents are not posted here for commercial use and should not be relied upon for any purpose whatsoever.This bibliography, the fourth in a series on the United Nations, contains only English-language monographs published between 19. Ann Arbor, MI: University Microfilms International; 1986. Hence, the fact that a taxpayer elects not to use the method of reporting permitted by section 453 does not necessarily mean that obligations in the form of trade accounts and notes receivable are not "installment obligations" as that term is used in section 337(b)(1)(B). The wording of section 453 suggests that there may be income from installment obligations which will not be reported in the manner permitted by that section.
The essential facts are not in dispute and were stipulated to in the Tax Court. Specifically, the Tax Court found that the "sale of accounts receivable qualifies for recognition under the exception in section 337(b)(1)(B) as an installment obligation." 38 T. The taxpayer in the instant case did not report its non-cash sales in the manner permitted by section 453, and, from this fact, the Commissioner argues that taxpayer's trade accounts and notes receivable cannot therefore be deemed to be "installment obligations" under section 337(b)(1) (B). The term "installment obligation" is not defined in the Code. Hanna of Mc Afee, Taft, Mark, Bond, Rucks & Woodruff, a Professional Corp., Oklahoma City, Okl., with him on the brief), for plaintiff-appellee. Our disposition of the present matter finds support in Coast Coil Co. He cites the dissenting opinion in Coast Coil, apparently urging this Court to adopt the position of the dissent. Rather, it merely describes one permitted method of accounting or reporting income. This appears to be an indication that the term "installment obligations" in section 337(b)(1)(B) should not be limited by the terms of section 453 5 The Commissioner recognizes that the opinion in Coast Coil is contrary to the result for which he argues. It does not include articles from journals or any titles that were published by or under the auspices of the United Nations and its Specialized Agencies. French language resources on this topic may be found in the section “Maintien de la paix”, Les Nations Unies : une bibliographie des ressources en français. § 336 states the general rule that, except as provided in I. In the instant case, after adopting its liquidation plan, the taxpayer3 sold its accounts receivable for ,000 less than their face or book value. And, of course, in Coast Coil, the Ninth Circuit approved of the Tax Court's holding that accounts receivable are included within the broader term "installment obligations." 1 There were two issues in the Tax Court. § 453(d) relating to the disposition of installment obligations, no gain or loss shall be recognized to a corporation on the distribution of property in partial or complete liquidation. Section 337(b)(1) states that, for the purposes of 337(a), the term "property" does not include the following: (1) the stock in trade of the corporation held primarily for sale to customers; (2) installment obligations acquired in the sale of stock in trade, regardless of whether the sale was before or after the adoption of a plan of liquidation; and (3) installment obligations acquired in the sale of all classes of property other than stock in trade where such sale was made prior to the adoption of a plan of liquidation. In so holding, the Tax Court was of the view that the intent of section 337(b)(1)(B) "is much broader than the ground covered by section 453 and is designed to embrace accounts receivable arising under the sale of stock in trade by an accrual basis corporation as well."4 The Tax Court noted that, as is true in the instant case, the taxpayer had previously reported and paid income taxes on its sales and then suffered a loss when it sold those accounts. In thus holding, however, the Ninth Circuit did not disapprove of the reasoning of the Tax Court. If, within the 12-month period beginning on the date on which a corporation adopts a plan of complete liquidation, all of the assets of the corporation are distributed in complete liquidation, less assets retained to meet claims, then no gain or loss shall be recognized to such corporation from the sale or exchange by it of property within such 12-month period. 3 The taxpayer, Liberty Bank and Trust Co., a national banking association with its principal place of business in Oklahoma City, Oklahoma, is the liquidating trustee pursuant to a 1974 liquidating trust agreement between Liberty and Oharco Liquidating Co. An Oklahoma company headquartered in Oklahoma City, Oharco is the successor to Oklahoma Hardware Co., which was incorporated in 1900 and was in the wholesale hardware business 4 Section 453 appears not to be definitional in nature. e., section 337, does not contain such a reference. Gain or loss on sales or exchanges in connection with certain liquidations (a) General rule. For purposes of subsection (a), the term "property" does not include (A) stock in trade of the corporation, or other property of a kind which would properly be included in the inventory of the corporation if on hand at the close of the taxable year, and property held by the corporation primarily for sale to customers in the ordinary course of its trade or business, (B) installment obligations acquired in respect of the sale or exchange (without regard to whether such sale or exchange occurred before, on, or after the date of the adoption of the plan referred to in subsection (a)) of stock in trade or other property described in subparagraph (A) of this paragraph (C) installment obligations acquired in respect of property (other than property described in subparagraph (A)) sold or exchanged before the date of the adoption of such plan of liquidation. refer to section 453, the statute which is at issue, i.