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J. C. PENNEY COMPANY v. C. I. R.

Cal. No. 64, Docket 27611.

312 F.2d 65 (1962)

J. C. PENNEY COMPANY, Transferee, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided December 12, 1962.

Attorney(s) appearing for the Case

Richard L. Braunstein, Washington, D. C. (Bernard J. Long, Washington, D. C., on brief), of Dow, Lohnes & Albertson, Washington, D. C., for petitioner.

Harold C. Wilkenfeld, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and Meyer Rothwacks, Attorneys, Department of Justice, Washington, D. C.), for respondent.

Before SWAN, WATERMAN and FRIENDLY, Circuit Judges.

FRIENDLY, Circuit Judge.

This petition for review presents the rare case in which it is as clear as anything ever can be that Congress did not mean what in strict letter it said. The contretemps arose through a cross-reference in a section inserted in the Internal Revenue Code of 1954 during a late stage of its passage. Relying on the letter, petitioner asserts that its wholly owned subsidiary, which sold real estate in 1954, prior to enactment of the Code, for a...

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