Henry J. Robb, Inc. v. District of Columbia

GRONER, G J.

'This is a petition to review a decision of the District of Columbia Board of Tax Appeals, sustaining an income tax assessment against petitioner for the year 1942. Petitioner is a corporation engaged in the business of making loans on notes secured by deeds of trust on real estate, purchasing such notes, buying and selling real estate on commission and the ownership and management of real estate for its own ac-oount In the case of the purchase of first mortgage notes, its practice was usually to sell .the notes at a profit. In the case of second mortgage notes, it ordinarily held…