Manchester Board & Paper Co. v. Commissioner

SOPER, Circuit Judge.

The petition in this case brings up for review a decision of the Board of Tax Appeals wherein the taxpayer was required to account for, as income for the year 1928, the entire sum of $58,000 received by it for the relinquishment of its rights as lessee of certain land; and its contention that no profit accrued to it thereby was overruled. The lease had its origin on December 4, 1865, in a transaction between the trustees of the town of Manchester, later a part of the city of Richmond, Va., and a partnership known as the Manchester Paper Mill Company, whereby the trustees…