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WELSH HOMES, INCORPORATED v. C. I. R.

No. 8052.

279 F.2d 391 (1960)

WELSH HOMES, INCORPORATED, Petitioner and Cross-Respondent, v. COMMISSIONER OF INTERNAL REVENUE, Respondent and Cross-Petitioner.

United States Court of Appeals Fourth Circuit.

Decided May 30, 1960.

Attorney(s) appearing for the Case

Mason G. Kassel, New York City, and Walter C. Mylander, Jr., Baltimore, Md. (Harry J. Rudick, New York City, William B. Davidson, Baltimore, Md., and David R. Frazer, Washington, D. C., on the brief), for petitioner and cross-respondent.

Karl Schmeidler, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., and Lee A. Jackson and Melva M. Graney, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent and cross-petitioner.

Before SOPER, HAYNSWORTH and BOREMAN, Circuit Judges.

SOPER, Circuit Judge.

This petition for review is directed to a decision of the Tax Court which approved the Commissioner's computation of the taxable gain derived by a builder upon the sale of leasehold interests in land upon which he had erected buildings under the ground rent system in vogue in Baltimore, Maryland, described in our decision in Commissioner of Internal Revenue v. Simmers' Estate, 4 Cir., 231 F.2d 909. The facts...

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