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DONNER v. COMMISSIONER OF INTERNAL REVENUE

Nos. 74-78, Dockets 23259-23263.

227 F.2d 381 (1955)

Samuel DONNER, James Monaco, Charles Donner, Estate of Edward Donner, Deceased, and Louis Banks (Transferees of Cottage Toll Homes, Inc.), Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided November 23, 1955.

Attorney(s) appearing for the Case

Daniel Katz, New York City (Barron, Rice & Rockmore, George P. Halperin, and Meyer Bodenstein, New York City, on the brief), for petitioners.

Davis W. Morton, Jr., Atty., Dept. of Justice, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., and Ellis N. Slack and Robert N. Anderson, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before CLARK, Chief Judge, and LUMBARD and WATERMAN, Circuit Judges.

PER CURIAM.

The Tax Court held that the gain on the sale of certain houses and lots to individual purchasers in 1946 and also the rental income realized on some of the same properties were taxable to Cottage Toll Homes, Inc., transferor of petitioners. The corporation had conveyed the properties in question to two of its stockholders in liquidation after most, but not all, of the contracts with individual purchasers had been made. The closing of title to the properties...

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