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S. E. PONTICOS, INC. v. C. I. R.

No. 15543.

338 F.2d 477 (1964)

S. E. PONTICOS, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

November 25, 1964.

Attorney(s) appearing for the Case

Stuard Wegener, Covington, Ky., for petitioner.

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

Before CECIL and PHILLIPS, Circuit Judges, and McCREE, District Judge.

HARRY PHILLIPS, Circuit Judge.

The taxpayer is an Ohio corporation engaged solely in the business of investment in real estate. Among its holdings for investment purposes it owned a six story industrial warehouse building in downtown Cincinnati, which was leased to tenants. This property was sold to the City of Cincinnati under threat of condemnation in 1956, resulting in the realization of a capital gain of $122,916.33. The funds received from this sale were reinvested...

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