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POMPONIO v. C. I. R.

No. 8212.

288 F.2d 827 (1961)

Arthur P. and Teresa POMPONIO, Husband and Wife, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided March 28, 1961.

Attorney(s) appearing for the Case

Frederick R. Tansill, Washington, D. C. (Goodwin, Rosenbaum, Meacham & White, Washington, D. C., on brief), for petitioners.

David O. Walter, Attorney, Department of Justice, Washington, D. C. (Abbott M. Sellers, Acting Asst. Atty. Gen., and Lee A. Jackson and Harry Baum, Attorneys, Department of Justice, Washington, D. C., on brief), for respondent.

Before SOPER and HAYNSWORTH, Circuit Judges, and FIELD, District Judge.

HAYNSWORTH, Circuit Judge.

The taxpayer, Arthur Pomponio, received his pro rata part of substantial cash distributions made to their stockholders by corporations which had constructed and were operating housing projects. The distributed cash was generated by borrowed funds and rental receipts. The distributions were made during years when the corporations had yet to realize substantial net income from their operations.

The taxpayer allocated a small part of...

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