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50 EAST 75TH STREET CORP. v. COMMISSIONER OF INTERNAL REV.

No. 228.

78 F.2d 158 (1935)

50 EAST 75TH STREET CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

June 17, 1935.

Attorney(s) appearing for the Case

White & Case, of New York City (Russell D. Morrill, Henry Mannix, and Francis L. Casey, all of New York City, of counsel), for petitioner.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and John G. Remey, Sp. Assts. to Atty. Gen., for respondent Commissioner of Internal Revenue.

Before MANTON, L. HAND, and AUGUSTUS N. HAND, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

The taxpayer, 50 East 75th Street Corporation, purchased in 1926 a tract of land in New York City known as Nos. 46 to 62 East Seventy-Fifth Street, and, on October 26 of that year, made an agreement with the 812 Park Avenue Corporation, hereafter called the owner, to convey to it the plot and erect thereon an apartment house. In return, the taxpayer was to receive stock of the owner corporation which carried with it the right to proprietary...

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