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SIRBO HOLDINGS, INC. v. C. I. R.

No. 167, Docket 72-1617.

476 F.2d 981 (1973)

SIRBO HOLDINGS, INC., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided March 23, 1973.

Attorney(s) appearing for the Case

James R. McGowan, Providence, R. I. (Lester H. Salter, Salter, McGowan, Arcaro & Swartz, Providence, R. I., of counsel), for petitioner-appellant.

Mary J. McGinn, Atty., Dept. of Justice, Washington, D. C. (Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Ernest J. Brown, Attys., Tax Div., Dept. of Justice, Washington, D. C., of counsel), for respondent-appellee.

Before FRIENDLY, Chief Judge, MANSFIELD and TIMBERS, Circuit Judges.

FRIENDLY, Chief Judge:

The issue is whether a tenant's payment to its landlord of $125,000 in satisfaction of the tenant's obligation to restore leased premises to their pre-lease condition is entitled, in whole or in part, to long-term capital gains treatment under § 1231 of the Internal Revenue Code of 1954.1 The Commissioner determined the payment, which was received by petitioner, Sirbo...

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