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WILLOW TERRACE DEVELOPMENT CO. v. C. I. R.

No. 21241.

345 F.2d 933 (1965)

WILLOW TERRACE DEVELOPMENT CO., Inc. and Post Oak Manor Building Co., Inc., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. WILLOW TERRACE DEVELOPMENT CO., Inc. and Post Oak Manor Building Co., Inc., Respondents.

United States Court of Appeals Fifth Circuit.

Rehearing Denied July 1, 1965.

Attorney(s) appearing for the Case

Robert H. McCanne, W. Carlos, Jr., and Morris, Termini, Harris, McCanne & Lacas, Houston, Tex., for petitioners.

Robert I. White, Atty., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Meyer Rothwacks, Melva M. Graney, Attys., Dept. of Justice, Sheldon S. Cohen, Chief Counsel, I.R.S., Max G. Amsbacher, Atty., I.R.S., Crane C. Hauser, Chief Counsel, Internal Revenue Service, Washington, D. C., for respondent.

Before GEWIN and BELL, Circuit Judges, and McRAE, District Judge.

GRIFFIN B. BELL, Circuit Judge.

Taxpayers are the Willow Terrace Development Co., Inc., and its wholly-owned subsidiary, Post Oak Manor Building Co., Inc. Both corporations engaged in developing real estate subdivisions in the Houston area, and filed consolidated corporate income tax returns for the tax years here involved, 1955-1958. They petition to review a decision of the Tax Court requiring the Building Company to include in gross income the full amount of "trade...

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