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CORY v. COMMISSIONER OF INTERNAL REVENUE

No. 195, Docket 23790.

230 F.2d 941 (1956)

Daniel M. CORY and Margot Cory, his wife, Petitioners-on-Review, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-on-Review.

United States Court of Appeals Second Circuit.

Decided March 9, 1956.

Attorney(s) appearing for the Case

Washburn, Gray & Jones, New York City, Watson Washburn, New York City, of counsel, for petitioners-on-review.

H. Brian Holland, Asst. Atty. Gen., Lee A. Jackson, Morton K. Rothschild, Washington, D. C., for respondent-on-review.

Before CLARK, Chief Judge, and FRANK and HINCKS, Circuit Judges.

FRANK, Circuit Judge.

1. The sole issue is whether the amount of income reported in 1944, as derived from Santayana's "Persons and Places," constituted ordinary income or a long term capital gain. In answering, we must decide whether the transaction between Cory and Scribner's constituted a "sale" or merely the granting of a license.

The Tax Court held that Cory gave Scribner's a license. That Court based its decision...

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