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320 EAST 47TH STREET CORP. v. COMMISSIONER OF INT. REV.

No. 194, Docket 24351.

243 F.2d 894 (1957)

320 EAST 47TH STREET CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided April 10, 1957.

Attorney(s) appearing for the Case

Lester R. Bachner, New York City, for petitioner.

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, David O. Walter, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before CLARK, Chief Judge, MEDINA, Circuit Judge, and SMITH, District Judge.

J. JOSEPH SMITH, District Judge.

Petitioner is a New York corporation whose stock in 1950 was wholly owned by two individuals. In that year the petitioner reported a gross income of $26,871.85. $6,000 of this was received as rental income from a corporation whose shareholders were the same individuals as petitioner's sole shareholders. $20,728.81 was that part of an award denominated "interest" for the condemnation of petitioner's property by the City of New York...

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