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BLACKSTONE REALTY COMPANY v. C. I. R.

No. 24381.

398 F.2d 991 (1968)

BLACKSTONE REALTY COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

July 12, 1968.

Attorney(s) appearing for the Case

Roland J. Mestayer, Jr., Pascagoula, Miss., for petitioner.

Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Atty., Lester R. Uretz, Chief Counsel, Charles Owen Johnson, David O. Walter, Robert J. Campbell, Attys., Washington, D. C., for respondent.

Before COLEMAN and GOLDBERG, Circuit Judges, and HANNAY, District Judge.

GOLDBERG, Circuit Judge:

This appeal presents the question of whether the Commissioner of Internal Revenue is bound by a taxpayer's unilateral valuations of the component parts of a sale. The taxpayer, having sold a leasehold and appurtenant improvements to a buyer concerned only with the aggregate price, seeks to establish its own fragmented valuations in order to receive the tax benefits granted to installment sales through Section 453 of the Code. The Commissioner...

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