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DISTRICT OF COLUMBIA v. GENERAL TELERADIO

No. 12816.

230 F.2d 830 (1956)

DISTRICT OF COLUMBIA, Petitioner, v. GENERAL TELERADIO, Inc., Respondent.

United States Court of Appeals District of Columbia Circuit.

Decided March 1, 1956.

Attorney(s) appearing for the Case

Mr. Henry E. Wixon, Asst. Corp. Counsel for the District of Columbia, with whom Messrs. Vernon E. West, Corp. Counsel, and Chester H. Gray, Principal Asst. Corp. Counsel, were on the brief, for petitioner. Mr. Hymie Nussbaum, Asst. Corp. Counsel at time of argument, also entered an appearance for petitioner.

Messrs. Robert K. Eifler, Washington, D. C., and Nathan Dreizen, New York City, of the bar of the Court of Appeals of New York, pro hac vice, by special leave of Court with whom Messrs. James C. Rogers and Seymour S. Mintz, Washington, D. C., were on the brief, for respondent.

Before WILBUR K. MILLER, BAZELON and DANAHER, Circuit Judges.

PER CURIAM.

This case arose under the District of Columbia Income and Franchise Tax Act, § 47-1551 et seq., D.C.Code (1951). The statute provides that gain realized from the sale or exchange of property held by the taxpayer for more than two years is not taxable income. On July 28, 1950, the respondent sold its radio and television station, together with the licenses for the operation thereof, and realized a net profit of more than $700,000.00, attributable to...

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