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SIMON v. C. I. R.

Nos. 13207, 13208.

285 F.2d 422 (1960)

Joseph B. and Josephine L. SIMON, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Joseph B. and Josephine L. SIMON, Respondents.

United States Court of Appeals Third Circuit.

Decided December 15, 1960.

Rehearing Denied January 25, 1961.

Attorney(s) appearing for the Case

Fred L. Rosenbloom, Philadelphia, Pa. (Thomas P. Glassmoyer, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., on the brief), for petitioners.

Arthur I. Gould, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attorneys, Department of Justice, Washington, D. C., on the brief), for Commissioner.

Before GOODRICH, McLAUGHLIN and STALEY, Circuit Judges.

STALEY, Circuit Judge.

Does a recognizable gain accrue to a taxpayer where pursuant to a prearranged plan he mortgages real estate and receives therefor an amount in excess of the property's adjusted basis under Section 111(b) of the Internal Revenue Code of 1939,1 and shortly thereafter transfers the property without consideration but subject to the mortgage?

The facts as found by the...

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