West Street-Erie Boulevard Corporation v. United States

FRIENDLY, Circuit Judge:

This is an appeal by the United States from a judgment of the District Court for the Northern District of New York in a tax refund action tried before the late Judge Brennan and decided after his death, pursuant to stipulation of the parties, by Judge Ryan of the Southern District sitting by designation. Decision turns on a narrow question relating to § 337 of the Internal Revenue Code of 1954, which provides for nonrecognition of gain or loss from the sale or exchange of certain corporate property if the corporation has adopted a plan of complete liquidation before…