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NEW CAPITAL HOTEL, INC. v. COMMISSIONER OF INT. REV.

No. 13438.

261 F.2d 437 (1958)

NEW CAPITAL HOTEL, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

October 25, 1958.

Attorney(s) appearing for the Case

J. Bernard Brown and D. Paul Alagia, Louisville, Ky., for petitioner.

Charles K. Rice, Nelson P. Rose, Lee A. Jackson, Robert N. Anderson, Sheldon I. Fink, Charles O. Johnson, Washington, D. C., and argued by Karl Schmeidler, Washington, D. C., for respondent.

Before SIMONS, and MARTIN, Circuit Judges and JONES, District Judge.

PER CURIAM.

This cause came for hearing on petition of the corporate taxpayer, New Capital Hotel, Inc., for review of the decision of the Tax Court of the United States holding a deficiency in income tax for the year 1949 in the amount of $11,724.50.

The decision of the tax court rested on the proposition that the advance payment of $30,000, received by the taxpayer in 1949 to apply as rental for the last year of a lease [for the year 1959], was taxable income...

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