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MERIDIAN, INC. v. C. I. R.

No. 15090.

322 F.2d 198 (1963)

MERIDIAN, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

September 4, 1963.

Attorney(s) appearing for the Case

James E. Mitchell, Youngstown, Ohio, for petitioner, Mitchell, Mitchell & Reed, Youngstown, Ohio, on the brief.

Michael Mulroney, Atty., Dept. of Justice, Washington, D. C., for respondent, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Michael I. Smith, Alan D. Pekelner, Attys., Dept. of Justice, Washington, D. C., on the brief.

Before CECIL, Chief Judge, MILLER, Circuit Judge, and McALLISTER, Senior Circuit Judge.

McALLISTER, Senior Circuit Judge.

This is an appeal from the decision of the Tax Court in which it held that the gain arising from the sale of certain property, which had been leased with an option to purchase, was ordinary income rather than capital gain from the sale of a capital asset.

The DeBartolo Company is a corporation engaged in constructing buildings, and operating real estate. In order to carry out its construction projects, the DeBartolo Company...

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