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COMMISSIONER OF INTERNAL REV. v. LANGWELL REAL ESTATE CORP.

No. 4403.

47 F.2d 841 (1931)

COMMISSIONER OF INTERNAL REVENUE v. LANGWELL REAL ESTATE CORPORATION.

Circuit Court of Appeals, Seventh Circuit.

March 18, 1931.

Attorney(s) appearing for the Case

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and John MacC. Hudson, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Dean P. Kimball, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for petitioner.

David J. Greenberg, of Chicago, Ill., for respondent.

Before ALSCHULER, EVANS, and SPARKS, Circuit Judges.

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

We find it impossible to escape the conclusion that, upon the tenant's release of its interest in said $50,000, respondent was enriched by that amount. Regulations 62, Treasury Department, article 50. It was relieved of its obligation to pay this amount to the tenant at the expiration of the lease. At the same time, and as a part of the same transaction, respondent released the tenant from its lease. Whether...

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