United States Board of Tax Appeals July 24, 1931, Docket No. 46674. (Ripley Realty Co. v. Commissioner)

lead-opinion

*1249opinion.

MuRdock:

The petitioner argues that the sale which took place in 1926 was rescinded in 1928 except as to forty-eight lots, which could not be returned since they had been sold or encumbered by the Goldhirsch Holding Corporation; that the 1926 sale, instead of being what it then appeared to be, was in fact only a sale of the forty-eight lots, and the only profit from the