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DURAM BLDG. CORPORATION v. COMMISSIONER OF INTERNAL REV.

No. 286.

66 F.2d 253 (1933)

DURAM BLDG. CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

July 5, 1933.

Attorney(s) appearing for the Case

Arthur Frank and Claude L. Gonnet, both of New York City, for petitioner.

Sewall Key and John MacC. Hudson, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and J. Arthur Adams, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before MANTON, SWAN, and CHASE, Circuit Judges.

SWAN, Circuit Judge.

In February, 1926, the petitioner, Duram Building Corporation, sold two parcels of real estate at a profit over their cost. The issue presented by this appeal is whether it was entitled to return this profit for taxation upon the installment basis, pursuant to section 212 (d) of the Revenue Act of 1926 (26 USCA § 953 (d). The sales were made for part cash and the balance in the purchaser's notes secured by mortgage. The cash received from...

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