WILSHIRE HOLDING CORPORATION v. C. I. R.

No. 15971.

262 F.2d 51 (1958)

WILSHIRE HOLDING CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Ninth Circuit.

November 28, 1958.


Attorney(s) appearing for the Case

Murray M. Chotiner, Russell E. Parsons, Beverly Hills, Cal., for petitioner.

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

Before CHAMBERS, BARNES and HAMLEY, Circuit Judges.


PER CURIAM.

Under a 1929 instrument called a "lease" affecting a single piece of real estate in Los Angeles, Wilshire Holding Company's predecessor agreed to pay a total of $679,380.00 in "rent" over a period of 68 years to Walburga Oesterreich, owner. At the end of the term the "lessee" would acquire full title by making a nominal payment of ten dollars.

On income tax consequences of the transaction, we have had two companion cases, Oesterreich v. Commissioner...

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