FARLEY REALTY CORPORATION v. C.I.R.

No. 217, Docket 25955.

279 F.2d 701 (1960)

FARLEY REALTY CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided June 9, 1960.


Attorney(s) appearing for the Case

Saul Duff Kronovet, New York City (Silverson & Gelberg, Harry Silverson, New York City, of counsel), for petitioner.

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Robert N. Anderson, Kenneth E. Levin, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before WATERMAN and BARNES, Circuit Judges, and J. JOSEPH SMITH, District Judge.


WATERMAN, Circuit Judge.

Petitioner seeks judicial review of the Tax Court's holding that the sum of $50,000 paid to the estate of Bernard Sorsby in settlement of Sorsby's claim against petitioner above and beyond the repayment of principal and the payment of fixed annual interest charges on a loan by Sorsby to petitioner was not "interest" under Section 23(b) of the 1939 Internal Revenue Code. The Tax Court's decision is not officially reported.

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