UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT
April 5, 1960
LEEDS AND LIPPINCOTT COMPANY, APPELLANT
Before McLAUGHLIN, KALODNER and HASTIE, Circuit Judges.
Opinion of the Court
Per Curiam: Judge Madden in the District Court held that the transfer of properties and lease back arrangement, here involved, between the taxpayer and the insurance company, was in substance a mortgage, not a sale and therefore taxpayer was not entitled to receive credit for a capital loss.
Under the particular facts and the law of the case (see Helvering v. Lazarus, 308 U.S. 252 (1939) ) we must agree.
The judgment of the District Court will be affirmed.
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