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TOWN PARK HOTEL CORPORATION v. COMMISSIONER OF INTERNAL REVENUE

No. 71-1055.

446 F.2d 878 (1971)

TOWN PARK HOTEL CORPORATION, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

August 10, 1971.

Attorney(s) appearing for the Case

Wayne C. Marsh, Memphis, Tenn., for petitioner-appellant; Charles M. Collins, Memphis, Tenn., on brief.

Jane Edmisten, Atty., Tax. Div., Dept. of Justice, Washington, D. C., for respondent-appellee; Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks and Thomas L. Stapleton, Attys., Tax Div., Dept. of Justice, Washington, D. C., on brief.

Before BROOKS, MILLER and KENT, Circuit Judges.

PER CURIAM.

The issue on appeal and before the Tax Court is whether the appellant realized a gain when it withdrew in 1964 a deposit which had been made by the state of Tennessee in a condemnation proceeding in Tennessee State court involving a taking of the plaintiff's property. The amount deposited by the state and withdrawn by the taxpayer in the year 1964 was the sum of $722,476.00. The Commissioner determined a deficiency in the taxpayer's federal income tax...

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