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MORCO CORPORATION v. C. I. R.

No. 130, Docket 27129.

300 F.2d 245 (1962)

MORCO CORPORATION, successor to Oceanic Investing Corporation, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided January 11, 1962.

Attorney(s) appearing for the Case

Hewitt A. Conway, New York City (Kelley Drye Newhall & Maginnes, New York City, John J. Costello, New York City, of counsel), for petitioner.

Richard J. Heiman, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, I. Henry Kutz, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before WATERMAN, KAUFMAN and MARSHALL, Circuit Judges.

PER CURIAM.

The petitioner appeals from a ruling by the Tax Court, that Oceanic Investing Corporation, taxpayer's predecessor, as a result of a contract for the sale of its property subject to a 99 year lease, did not sustain a deductible loss under Section 23(f) of the Internal Revenue Code of 1939 for its taxable fiscal year ending April 30, 1953 or April 30, 1954. As a result of such ruling it is required to pay a deficiency in income tax for the fiscal year ended...

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