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CENTURY ELECTRIC CO. v. COMMISSIONER OF INTERNAL REV.

No. 14341.

192 F.2d 155 (1951)

CENTURY ELECTRIC CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Eighth Circuit.

October 31, 1951.

Attorney(s) appearing for the Case

Alfred O. Heitzmann, St. Louis, Mo. (Abraham Lowenhaupt, Henry C. Lowenhaupt, William H. Armstrong, and J. Terrell Vaughan, and Lowenhaupt, Waite, Chasnoff & Stolar, and Cobbs, Blake, Armstrong, Teasdale & Roos, all of St. Louis, Mo., on the brief), for petitioner.

Irving I. Axelrad, Special Asst. to the Atty. Gen. (Theron Lamar Caudle, Asst. Atty. Gen., and Ellis N. Slack and Melva M. Graney, Special Assts. to the Atty. Gen., on the brief), for respondent.

Before SANBORN, JOHNSEN and RIDDICK, Circuit Judges.

RIDDICK, Circuit Judge.

The petitioner, Century Electric Company, is a corporation engaged principally in the manufacture and sale of electric motors and generators in St. Louis, Missouri. It is not a dealer in real estate. As of December 1, 1943, petitioner transferred a foundry building owned and used by it in its manufacturing business and the land on which the foundry is situated to William Jewell College and claimed a deductible loss on the transaction in its...

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