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58TH ST. PLAZA THEATRE v. COMMISSIONER OF INTERNAL REV.

Nos. 142, 143, Dockets 22173, 22174.

195 F.2d 724 (1952)

58TH ST. PLAZA THEATRE, Inc. v. COMMISSIONER OF INTERNAL REVENUE. BRECHER v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

Decided March 18, 1952.

Attorney(s) appearing for the Case

Pack & Strumpf, and Shearman & Sterling & Wright, New York City (Howard D. Pack and Paul R. Russell, New York City, of counsel), for petitioners.

Ellis N. Slack and Melva M. Graney, Washington, D. C., for respondent.

Before SWAN, Chief Judge, and CHASE and FRANK, Circuit Judges.

FRANK, Circuit Judge.

There is little to add to what the Tax Court has said. That Court found, on ample evidence, that a family-held corporation entered into a sub-lease to one of the stockholders at a rental very substantially less than the profits which, absent the sublease, there was every reason to believe the corporation would earn. The sub-lease involved no legitimate business purpose, for, in this context, avoidance of taxes is not included in that category...

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