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MID-CENTURY LTD. OF AMERICA v. HOFFERBERT

Civ. A. No. 8015.

146 F.Supp. 683 (1956)

MID-CENTURY Ltd. Of AMERICA v. George HOFFERBERT, Collector of Internal Revenue, Eugene Travers, Acting Director of Internal Revenue, and L. Alfred Chamberlin, Director of Internal Revenue.

United States District Court D. Maryland, Civil Division.

December 4, 1956.

Attorney(s) appearing for the Case

John E. Boice, Jr., and South Trimble, 3d, Washington, D. C., and Albert E. Brault, Rockville, Md., for plaintiff.

Charles K. Rice, Asst. Atty. Gen., Andrew D. Sharpe, Fred J. Neuland, and William F. Kolbe, Attorneys, Dept. of Justice, Washington, D. C., and Walter E. Black, Jr., U. S. Atty., Baltimore, Md., for defendants.

THOMSEN, Chief Judge.

This is an action to recover $26,313.88 in income taxes for the taxable period January 1 to May 29, 1951, claimed to have been erroneously assessed and collected. It presents the novel question whether an installment obligation, received as part of the consideration for the sale of an excessively depreciated asset (an apartment house), should be considered an asset having a "substituted basis" within the meaning of sec. 113 (b), I.R.C. of 1939...

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