...(a) ( 1 ) of the Code provides that, under regulations prescribed by the Secretary of the Treasury or his delegate, a person who regularly sells or otherwise...taxable year that proportion of the installment payments received in that year which the gross profit, realized or to be realized when payment is completed,...

...of realization. Section 453, 1.RC 1954, provides in part as follows : SEC. 453. INSTALLMENT METHOD. any taxable year that proportion of the installment...payment Is completed, bears to the total contract price. (b) SALES op REALTY AND CASUAL SALES OF PERSONALTY. — (1) GENERAL RULE. — Income from — (A) a...

...regulations prescribed by tbe Commissioner with the approval of tbe Secretary, a person who regularly sella or otherwise disposes of personal property on the...Installment payments actually received In that year whlcb the cross profit realized or to be realized when payment Is completed, bears to tbe total contract...

...year do not exceed 30 percent of the selling price, the vendor may return as income from each sale in any taxable year that proportion of the installment...which the gross profit realized or to be realized when the property is paid for bears to the total contract price. Section 1.453-l(b)(l) of the regulations...

...amended return attempting to revoke the election. Section 453 (a) of the Code provides, in part, that a person who regularly sells or otherwise disposes...may return as income therefrom in any taxable year a proportion of the installment payments actually received in each year. Section 453 (b) of the Code...

...453. 1nstallment method — (a) Dealer* in personal property — (1) 1n general. Under regulations prescribed by the Secretary or his delegate, a person...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...

...'Sec. 453(a) states: SEC. 453(a). DEALERS IN PERSONAL PROPERTY.— (1) IN GENERAL.— Under regulations prescribed by the Secretary or his delegate, a person...price. (2) TOTAL CONTRACT PRICE.— For purposes of paragraph (1), the total contract price of all sales of personal property on the installment plan includes...

...453. INSTALLMENT METHOD, (a) DEALERS IN PERSONAL PROPERTY.— (1) IN GENERAL.— Under regulations prescribed by the Secretary or his delegate, a person...payment is completed, bears to the total contract price. installment sale, income need not be reported until payments are "actually received." The amount to...

...DEALERS IN PERSONAL PROPERTY. — (1) IN GENERAL. — Under regulations prescribed by the Secretary, a person who regularly sells or otherwise disposes...price. (2) TOTAL CONTRACT PRICE. — For purposes of paragraph (1), the total contract price of all sales of personal property on the installment plan includes...

...463. INSTALLMENT METHOD. (a) DEALERS IN PERSONAL PROPERTY.— (1) IN GENERAL. — Under regulations prescribed by the Secretary or his delegate, a person...payment is completed, bears to the total contract price. (b) SALES OF REALTY AND CASUAL SALES OP PERSONALTY. — (1) GENERAL RULE. — Income from — (A) a...