GERARD v. HELVERING

Nos. 7, 8.

120 F.2d 235 (1941)

GERARD v. HELVERING, Commissioner.

Circuit Court of Appeals, Second Circuit.

June 4, 1941.


Attorney(s) appearing for the Case

Veronica T. Hyland, of New York City (Joseph W. Kirkpatrick, of New York City, of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key and J. Louis Monarch, Sp. Assts. to Atty. Gen., and S. Dee Hanson, Sp. Asst. to Atty. Gen., for respondent.

Before L. HAND, CHASE, and FRANK, Circuit Judges.


PER CURIAM.

The question in this appeal is whether the taxpayer's income shall be charged with the full amount of a gain received in the years 1934 and 1935, or whether the amount shall be computed under the tariff fixed for "capital assets" in § 117(a) of the Revenue Act of 1934, 26 U.S. C.A. Int.Rev.Acts, page 707. In 1930 the taxpayer lent $225,000 to the Apperson Realty Corporation, taking in return a bond and a mortgage upon its property in usual form, except...

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