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PENNSYLVANIA CO., ETC. v. COMMISSIONER OF INTERNAL REV.

No. 4534.

52 F.2d 601 (1931)

PENNSYLVANIA CO. FOR INSURANCES ON LIVES AND GRANTING ANNUITIES v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

September 15, 1931.

Attorney(s) appearing for the Case

Jos. A. Lamorelle and Maurice Bower Saul, both of Philadelphia, Pa. (Saul Ewing Remick & Saul, of Philadelphia, Pa., of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Morton K. Rothschild, 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 BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.

BUFFINGTON, Circuit Judge.

In this case the question involved is whether the profit made by the taxpayer on the sale of certain real estate was income for the fiscal year ending November 30, 1925.

The facts, which are not disputed, are that the taxpayer appellant, the Pennsylvania Company for Insurances on Lives and Granting Annuities, hereafter called the Company, owned, sold, and conveyed by deed of December 22, 1924, to the First Penny Savings Bank of Philadelphia...

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