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DARCO REALTY CORPORATION v. C. I. R.

No. 159, Docket 27123.

301 F.2d 190 (1962)

DARCO REALTY CORPORATION, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals Second Circuit.

Decided April 3, 1962.

Attorney(s) appearing for the Case

David Oppenheim, New York City, for petitioner-appellant.

Alan D. Pekelner, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson and Robert N. Anderson, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent-appellee.

Before CLARK, SMITH, and MARSHALL, Circuit Judges.

CLARK, Circuit Judge.

This case arises out of a complex real estate transaction consummated in 1927. By virtue of this transaction, which was conceived and executed by two real estate syndicators, Samuel A. Herzog and Edgar A. Levy, the petitioner, Darco Realty Corporation, controlled by Levy and Herzog, purchased on September 30, 1927, the stock of the 745 — 7th Avenue Corporation. The price paid was $376,450, of which all but $75,000 constituted an immediate...

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