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C. I. R. v. LIFTIN

No. 8736.

317 F.2d 234 (1963)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Morton LIFTIN and Sylvia Liftin, Respondents.

United States Court of Appeals Fourth Circuit.

Decided April 29, 1963.

Attorney(s) appearing for the Case

Michael I. Smith, Atty., Dept. of Justice (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and John B. Jones, Jr., Attys., Dept. of Justice, on brief), for petitioner.

Morton Liftin, Washington, D. C., for respondents.

Before SOPER, HAYNSWORTH and BRYAN, Circuit Judges.

ALBERT V. BRYAN, Circuit Judge.

Gain was not realized by the respondent taxpayers, the Tax Court has decided, in the discount of certain second mortgage monthly payment notes until after the cost of a note or notes was fully restored, either through payments or foreclosure. The Court rejected the determination of the Commissioner of Internal Revenue that the discount had been received in part by the taxpayers in each of the monthly payments. A petition by the Commissioner...

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