GRONER, Associate Justice.
Petitioner was incorporated under the New York laws in December, 1919. Its charter authorized it to buy, sell, and generally deal in real estate. In the month and year of its incorporation it acquired title to the real estate located at 112 West 59th Street, and in 1921 this real estate was sold at a profit of $51,547.88. The Commissioner and the Board decided that the profit was income to petitioner.
Two questions were argued: First...
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