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  • S. E. C. Corporation, Formerly Known As Canaday Cooler Co., Inc. v. United States, 241 F.2d 416, 2d Cir. (1957)

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    S.E.C. Corporation appealed a district court decision dismissing its action for a refund of alleged overpayments in income taxes for 1947 and 1948. The district court had held that profits realized from used water, beer, and frosted food coolers that were rented and ultimately sold to customers should be considered ordinary income, not capital gains, under Section 117(j) of the Internal Revenue Code of 1939. The appeals court affirmed the district court's decision.

    Original Description:

    Filed: 1957-02-25 Precedential Status: Precedential Citations: 241 F.2d 416 Docket: 24175

    Original Title

    S. E. C. Corporation, Formerly Known as Canaday Cooler Co., Inc. v. United States, 241 F.2d 416, 2d Cir. (1957)

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    S.E.C. Corporation appealed a district court decision dismissing its action for a refund of alleged overpayments in income taxes for 1947 and 1948. The district court had held that profits realized from used water, beer, and frosted food coolers that were rented and ultimately sold to customers should be considered ordinary income, not capital gains, under Section 117(j) of the Internal Revenue Code of 1939. The appeals court affirmed the district court's decision.

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    9 views2 pages

    S. E. C. Corporation, Formerly Known As Canaday Cooler Co., Inc. v. United States, 241 F.2d 416, 2d Cir. (1957)

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    Scribd Government Docs
    S.E.C. Corporation appealed a district court decision dismissing its action for a refund of alleged overpayments in income taxes for 1947 and 1948. The district court had held that profits realized from used water, beer, and frosted food coolers that were rented and ultimately sold to customers should be considered ordinary income, not capital gains, under Section 117(j) of the Internal Revenue Code of 1939. The appeals court affirmed the district court's decision.

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    of 2

    241 F.

    2d 416

    S. E. C. CORPORATION, formerly known as Canaday Cooler


    Co., Inc., Plaintiff-Appellant,
    v.
    UNITED STATES of America, Defendant-Appellee.
    No. 228.
    Docket 24175.

    United States Court of Appeals Second Circuit.


    Argued February 8, 1957.
    Decided February 25, 1957.

    Appeal from the United States District Court for the Southern District of
    New York; Edmund L. Palmieri, Judge.

    S. E. C. Corporation appeals from the dismissal, D.C.S.D.N.Y., 140 F.Supp.


    717, of its action for refund of alleged overpayments in income taxes for 1947
    and 1948, in holding as ordinary income, and not capital gains, under
    I.R.C.1939, 117 (j), 26 U.S.C.A. 117(j), the profits realized from used
    water, beer, and frosted food coolers rented and then ultimately sold to
    customers.

    Rollin Browne, of Satterlee, Browne & Cherbonnier, New York City (Irving
    Levine, New York City, on the brief), for plaintiff-appellant.

    Miriam R. Goldman, Asst. U. S. Atty., New York City (Paul W. Williams, U.


    S. Atty., New York City, on the brief), for defendant-appellee.

    Before CLARK, Chief Judge, MEDINA, Circuit Judge, and J. JOSEPH


    SMITH, District Judge.

    PER CURIAM.

    Affirmed on the opinion of District Judge Palmieri, D.C.S.D.N.Y., 140 F.

    Supp. 717.

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