TRACY v. COMMISSIONER OF INTERNAL REVENUE

Nos. 5688, 5689.

53 F.2d 575 (1931)

TRACY v. COMMISSIONER OF INTERNAL REVENUE. HURON BLDG. CO. v. SAME.

Circuit Court of Appeals, Sixth Circuit.

November 3, 1931.


Attorney(s) appearing for the Case

Geo. D. Welles, of Toledo, Ohio, for petitioners.

S. Dee Hanson, of Washington, D. C. (G. A. Youngquist, Asst. Atty. Gen., and Sewall Key, C. M. Charest, and J. K. Polk, all of Washington, D. C., on the brief), for respondent.

Before MOORMAN, HICKS, and HICKENLOOPER, Circuit Judges.


HICKENLOOPER, Circuit Judge.

In January, 1902, the petitioner, the Huron Building Company, acquired lot No. 251 in Port Lawrence division in the city of Toledo, Ohio, being a lot of land fronting 60 feet on Jefferson avenue, and having a depth of 120 feet. The purchase price was $45,000. In 1904 a retail store and commercial loft building was constructed on the lot at a cost of $90,940.71. On December 1, 1921, the petitioner sold these premises for the net sum of...

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