Pleasant Summit Land Corporation, in 88-1373 v. Commissioner of Internal Revenue. George Prussin and Sharon Prussin, in 88-1377 v. Commissioner of Internal Revenue

863 F.2d 263

63 A.F.T.R.2d 89-344, 63 A.F.T.R.2d

89-679, 88-2 USTC P 9601

PLEASANT SUMMIT LAND CORPORATION, Appellant in 88-1373,

v.

COMMISSIONER OF INTERNAL REVENUE.

George PRUSSIN and Sharon Prussin, Appellants in 88-1377,

v.

COMMISSIONER OF INTERNAL REVENUE.

Nos. 88-1373, 88-1377.

United States Court of Appeals,

Third Circuit.

Argued Oct. 7, 1988.

Decided Nov. 25, 1988.

Opinion on Denial of Rehearing in No. 88-1377 Jan. 30. 1989.

Paul Windels, Jr. (argued), John Y. Taggart, Clayton A. Prugh, Windels, Marx, Davies & Ives, New York City, for appellants.

William S. Rose, Jr., Asst. Atty. Gen., Gary R. Allen,…