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 It is clear that if an advance payment, although securing the lessee's performance of the covenants, was intended to be rent, was described in the lease contract as rent, and was primarily rent then it must be included in gross income in the year received. Gilken Corporation, 10 T. C. 445, 451-456 (1948), affd. (C. A. 6, 1949) 176 F. 2d 141, 144-145. This is true even though the rent is to be applied for the use of the property at some point in the future. Hirsch Improvement Co. v. Commissioner, (C. A. 2, 1944) 143 F. 2d 912, affirming a Memorandum Opinion of the Court. This is so regardless of whether the taxpayer keeps his books and computes his income on a cash basis, see Edwin B. De Golia, 40 B. T. A. 845 (1939), or on an accrual basis, see Palm Beach Aero Corporation, 17 T. C. 1169, 1170, 1177-1178 (1952); Hyde Park Realty, Inc. v. Commissioner, (C. A. 2, 1954) 211 F. 2d 462, affirming 20 T. C. 43 (1953). 


This is true even though courts have recognized that the inclusion of prepaid income in gross income in the ...

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