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AYRTON METAL COMPANY v. C. I. R.

No. 58, Docket 26903.

299 F.2d 741 (1962)

AYRTON METAL COMPANY, Inc., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals Second Circuit.

Decided February 1, 1962.

Attorney(s) appearing for the Case

Joseph W. Burns, New York City (John P. Cuddahy, Simon Gluckman, and Austin, Burns, Appell & Smith, New York City, on the brief), for petitioner-appellant.

Harold M. Seidel, Attorney, Department of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Meyer Rothwacks, Robert N. Anderson and Robert Layton, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent-appellee.

Before LUMBARD, Chief Judge, and MEDINA and WATERMAN, Circuit Judges.

MEDINA, Circuit Judge.

The sole questions in the case are whether two payments of $26,000 and $40,000, or parts thereof, constitute capital gains realized by the taxpayer or, as held below, ordinary income. The decision of the Tax Court is reported at 34 T.C. 464. Our jurisdiction is properly invoked under Section 7482 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 7482.

Respondent argues in substance that the transactions...

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