John E. Reed v. Commissioner of Internal Revenue

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• no receipt where escrow arrangement was bona fide deferred payment agreement between buyer and seller
• no receipt where escrow arrangement was bona fide deferred payment agreement between buyer and seller
• taxpayer not required to report income held in bona fide escrow for payment in later tax period and from which no other present beneficial interest is derived
• “As long as the deferred payment agreement is binding between the parties and is made prior to the time when the [taxpayer] has acquired an absolute and unconditional right to receive payment, then the ... taxpayer is not required to report the ... income until he actually receives [it].”

Source: CourtListener parenthetical corpus (CC0).