Louis BERENSON and Sue A. Berenson et al., Plaintiffs-Appellants,
v.
COMMISSIONER OF INTERNAL REVENUE, Defendant-Appellee.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued July 15, 1974.
Decided November 6, 1974.
Attorney(s) appearing for the Case
Michael L. Paup, Atty., Tax Div., Dept. of Justice, Washington, D. C. (Scott P. Crampton, Asst. Atty. Gen., and Leonard J. Henzke, Atty., Tax Div., Dept. of Justice, Washington, D. C.), for defendant-appellee.
Charles S. Lyon, New York City (Monroe J. Winston, New York City), for plaintiffs-appellants.
Before WINTER, and MULLIGAN, Circuit Judges, and NEWMAN, District Judge.
United States Court of Appeals, Second Circuit.
WINTER, Circuit Judge:
In Commissioner v. Brown, 380 U.S. 563, 85 S.Ct. 1162, 14 L.Ed.2d 75 (1965) (Clay Brown), the Supreme Court considered the tax consequences under the Internal Revenue Code of 1954 of a sale and leaseback transaction between an ordinary seller and a tax-exempt purchaser. It held that the proceeds of sale were taxable as capital gains. The instant case arises from another such transaction entered into after...
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