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MIDLER COURT REALTY, INC. v. C. I. R.

No. 74-1792.

521 F.2d 767 (1975)

MIDLER COURT REALTY, INC., Appellant, v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals, Third Circuit.

Decided August 11, 1975.

Attorney(s) appearing for the Case

Leonard E. Schwartz, Allen B. Pearl, Greenberg, Margolis & Franconero, East Orange, N. J., for appellant.

Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews, Michael L. Paup, Jeffrey S. Blum, Ernest J. Brown, Attys., Tax Div., Dept. of Justice, Washington, D. C., for appellee.

Before SEITZ, Chief Judge, ROSENN and WEIS, Circuit Judges.

OPINION OF THE COURT

ROSENN, Circuit Judge.

This appeal from the Tax Court presents an issue of first impression in this court. The appellants, Midler Court Realty, Inc. and its three wholly owned subsidiaries (Midler), are corporations engaged in the ownership and leasing of commercial real estate. Midler purchased certain land with buildings thereon subject to existing leases which provided relatively high rental for an initial term but also provided that...

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