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NOWLAND REALTY CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 4380.

47 F.2d 1018 (1931)

NOWLAND REALTY CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

March 11, 1931.

Attorney(s) appearing for the Case

Frank C. Olive, of Indianapolis, Ind., and Theodore Schmidt, of Chicago, Ill., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and F. Edward Mitchell, Sewall Key, and Andrew D. Sharpe, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and De Witt M. Evans, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before ALSCHULER, EVANS, and SPARKS, Circuit Judges.

EVANS, Circuit Judge (after stating the facts as above).

Petitioner contended that the organization of petitioner and the concurrent leasing of the property to Schmidt were for the sole purpose of procuring the desired loan; that this purpose was effected through the issuance and sale of the preferred stock; that the obligation to repay the loan by retiring the preferred stock in installments corresponded with the obligation of a mortgagor to make serial repayments...

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