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BROOK v. C. I. R.

Nos. 84, 85, Dockets 29801, 29802.

360 F.2d 1011 (1966)

Arthur F. BROOK and Ruth T. Brook, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. WIRE-O BINDING COMPANY, Inc., Respondent.

United States Court of Appeals Second Circuit.

Decided May 18, 1966.

Attorney(s) appearing for the Case

Irving M. Gruber, of Gruber & Gruber, New York City, for petitioners Brook.

Gilbert E. Andrews, Atty., Dept. of Justice, Washington, D. C. (John B. Jones, Jr., Acting Asst. Atty. Gen., Lee A. Jackson and Marco S. Sonnenschein, Attys., Dept. of Justice, on the brief), for respondent Comm. of Internal Revenue.

Before LUMBARD, Chief Judge, and FRIENDLY and SMITH, Circuit Judges.

J. JOSEPH SMITH, Circuit Judge:

Taxpayers Arthur F. and Ruth T. Brook petition for review of a decision of the Tax Court, Fay, Judge, T.C. Memo. 1964-285, holding installment payments on the sale of two contracts taxable as short term taxable gain. The Commissioner cross-petitions for review, seeking a holding that the assets in the hands of the purchasing corporation are non-depreciable. We find error and remand for treatment...

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