PAYMER v. COMMISSIONER OF INTERNAL REVENUE

Nos. 17-20.

150 F.2d 334 (1945)

PAYMER v. COMMISSIONER OF INTERNAL REVENUE (two cases). WESTRICH REALTY CORPORATION et al. v. SAME. RAYMEP REALTY CORPORATION, Inc., et al. v. SAME.

Circuit Court of Appeals, Second Circuit.

July 2, 1945.


Attorney(s) appearing for the Case

Sidney Paymer, of Jamaica, N. Y., for petitioners.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Robert N. Anderson, and S. Dee Hanson, Sp. Asst. to Atty. Gen., for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.


CHASE, Circuit Judge.

These four petitions, which were consolidated for hearing, require us to decide whether the 1938 net income of certain real estate was taxable to the petitioning corporations each of whom held the title to a part of it, or to the petitioning individuals who owned all the stock of the two corporations. And, if the corporations are taxable on the income, whether their failure to file income and excess profits returns made them liable for a penalty...

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