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Edward Weil and Dorothy Weil v. Commissioner of Internal Revenue, 252 F.2d 805, 2d Cir. (1958)
Edward Weil and Dorothy Weil v. Commissioner of Internal Revenue, 252 F.2d 805, 2d Cir. (1958)
2d 805
Martin J. Walzer, New York City (William Walzer, New York City, on
the brief), for petitioners.
Thomas N. Chambers, Atty., Dept. of Justice, Washington, D. C. (Charles
K. Rice, Asst. Atty. Gen., Lee A. Jackson and Harry Baum, Attys., Dept.
of Justice, Washington, D. C., on the brief), for respondent.
Before HINCKS, LUMBARD and WATERMAN, Circuit Judges.
PER CURIAM.
In an opinion by Judge Opper, reported at 28 T.C. 809 and reviewed by the Tax
Court, it was unanimously held that the corporation in question, Edsol Realty,
Inc., was properly treated as collapsible within the ambit of the section cited.
With that opinion we are in full agreement.
However, now on review among their contentions the petitioners raise one, not
dealt with in the Tax Court opinion, which relates to the meaning of the word
"principally" as used in 117(m) (2).
"(A) For the purposes of this subsection, the term `collapsible corporation'
"(A) For the purposes of this subsection, the term `collapsible corporation'
means a corporation formed or availed of principally for the manufacture,
construction, or production of property, * * * or for the holding of stock in a
corporation so formed or availed of, with a view to
Affirmed.