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HUNTER v. COMMISSIONER OF INTERNAL REVENUE

No. 10776.

140 F.2d 954 (1944)

HUNTER v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 18, 1944.

Attorney(s) appearing for the Case

W. W. Spalding, of Washington, D. C., for petitioner.

Helen Goodner, Sewall Key, A. F. Prescott, and Mamie S. Price, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue and Chas. E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before HUTCHESON, HOLMES, and McCORD, Circuit Judges.

HUTCHESON, Circuit Judge.

The taxpayer received: in 1937, $4,288.10; in 1938, $28,301.46; and in 1939, $3,859.29, as her share of option payments made by the Lion Company for the purchase of stock in the Atlas Corporation.1 As petitioner's stock had a zero base, each of the payments represented a gain, and taxpayer returned each in the year she received it, the 1937 payment as 100 percent, taxable...

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