Opinion
No. 254, Docket 25325.
Argued April 10, 1959.
Decided November 23, 1959.
Taxpayers petition for review of a decision of the Tax Court, 29 T.C. 959, Opper, J., holding that a cash distribution by a building corporation was taxable as ordinary income.
Mason G. Kassel, Ralph L. Concannon, New York City (Lord, Day Lord, New York City, of counsel), for petitioners.
Charles K. Rice, Asst. Atty. Gen.; Lee A. Jackson, Harry Baum, George W. Beatty, Attorneys, Department of Justice, Washington, D.C., for respondent.
Before HINCKS, LUMBARD and WATERMAN, Circuit Judges.
Taxpayers petition for review of a Tax Court decision, reported at 29 T.C. 959, which held that certain corporate distributions were taxable as ordinary income under section 117(m) of the 1939 Internal Revenue Code, 26 U.S.C.A. § 117(m). The facts are set forth at length in the Tax Court opinion. In Glickman v. C.I.R., 2 Cir., 1958, 256 F.2d 108, 110, and Burge v. C.I.R., 4 Cir., 1958, 253 F.2d 765, the facts were sufficiently similar to the facts here so as to require that here, as in those cases, the Tax Court be affirmed.
Decision affirmed.