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512 W. FIFTY-SIXTH ST. CORP. v. COMMISSIONER OF INT. REV.

No. 49.

151 F.2d 942 (1945)

512 WEST FIFTY-SIXTH STREET CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

November 15, 1945.

Attorney(s) appearing for the Case

Paul V. Wolfe, of New York City (Ralph W. Thomas, of New York City, of counsel), for petitioner.

Newton K. Fox, of Washington, D. C., Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and A. F. Prescott, Sp. Assts. to Atty. Gen., for respondent.

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

L. HAND, Circuit Judge.

The petitioner seeks to review an order of the Tax Court, assessing against it a deficiency in income tax and excess profits tax for the year 1939. The case turns upon whether a gain on one parcel of real property, and a loss upon another, shall be classed as capital gains or losses, or as items of ordinary income: the taxpayer's only concern being that they shall both be put in the same class. The Commissioner and the Tax Court held that the...

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