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JACOBSON v. COMMISSIONER OF INTERNAL REV.

Nos. 13080-13084.

281 F.2d 703 (1960)

Lewis S. and Rose M. JACOBSON, Petitioners in No. 13,080. Joseph and Rose Facher, Petitioners in No. 13,081. William and Ruth Schmitz, Petitioners in No. 13,082. Morris and Ida Winograd, Petitioners in No. 13,083. Estate of Morris Kanengiser, Deceased, Joseph Facher, Executor and Estate of Fannie Kanengiser, Deceased, Esther Weiner, Sidney Kanengiser, Marvin Kanengiser, and Irving Kanengiser, Executors, Petitioners in No. 13,084. v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided July 26, 1960.

Attorney(s) appearing for the Case

Herman H. Krekstein, Philadelphia, Pa. (Merle A. Wolfson, Philadelphia, Pa., on the brief), for petitioners.

Karl Schmeidler, 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 appellee.

Before KALODNER, HASTIE and FORMAN, Circuit Judges.

HASTIE, Circuit Judge.

The question on these petitions is whether taxpayers were justified in reporting as capital gains rather than ordinary income amounts they realized from the sale of their capital stock of Hudson Towers, Inc., a corporation formed and used for the building of a housing project. The Commissioner contends and the Tax Court has ruled that Hudson Towers, Inc., is a "collapsible corporation" within the meaning of Section 117(m) of the Internal Revenue...

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