URBAN REDEVELOPMENT CORPORATION v. C. I. R.

No. 8334.

294 F.2d 328 (1961)

URBAN REDEVELOPMENT CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided September 19, 1961.


Attorney(s) appearing for the Case

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

Kenneth E. Levin, Atty. Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and Melva M. Graney, Attys. Dept. of Justice, Washington, D. C., on brief), for respondent.

Before SOBELOFF, Chief Judge, and SOPER and BOREMAN, Circuit Judges.


BOREMAN, Circuit Judge.

This is a petition for review by the taxpayer of a decision of the Tax Court, reported in 34 T.C. 845, No. 87 (August 15, 1960). The basic facts stated herein appear to be undisputed and were either stipulated by the parties or found by the Tax Court.

Urban Redevelopment Corporation, sometimes hereinafter referred to as Urban or taxpayer, is a New York corporation organized on October 16, 1949. Until...

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