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UNITED CIGAR-WHELAN STORES CORPORATION v. DISTRICT OF COLUMBIA

No. 9958.

176 F.2d 952 (1949)

UNITED CIGAR-WHELAN STORES CORPORATION v. DISTRICT OF COLUMBIA.

United States Court of Appeals District of Columbia Circuit.

Decided September 12, 1949.

Attorney(s) appearing for the Case

Mr. Richard J. Roche, of the Bar of the Court of Appeals of New York, pro hac vice, by special leave of court, with whom Messrs. Chapin B. Bauman and John H. Burnett, Washington, D. C., were on the brief, for petitioner.

Mr. Harry L. Walker, Assistant Corporation Counsel, Washington, D. C., with whom Messrs. Vernon E. West, Corporation Counsel, and Chester H. Gray, Principal Assistant Corporation Counsel, Washington, D. C., were on the brief, for respondent.

Before EDGERTON and PROCTOR, Circuit Judges, and H. CHURCH FORD, District Judge sitting by designation.

EDGERTON, Circuit Judge.

For $30,000 paid by its lessors, petitioner as lessee consented to cancel a lease that had some years to run. The disputed question is whether the cancellation was a "sale or exchange". Gain from sale or exchange of a capital asset is exempt from the District of Columbia income tax. 53 Stat. 1091, D.C.Code(1940) § 47 — 1506.

We agree with the Board of Tax Appeals that there was no sale or exchange and petitioner's gain...

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