BLAIR v. DUSTIN'S ESTATE

Nos. 124, 135.

30 F.2d 774 (1929)

BLAIR, Commissioner of Internal Revenue, v. DUSTIN'S ESTATE. ARCHBOLD v. BLAIR, Commissioner of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

February 18, 1929.


Attorney(s) appearing for the Case

Vincent J. Heffernan, of Washington, D. C., Mabel Walker Willebrandt, Asst. Atty. Gen., Sewall Key and J. Louis Monarch, Sp. Asst. Attys. Gen., C. M. Charest, Gen. Counsel and Irwin R. Blaisdell, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for Commissioner of Internal Revenue.

John G. Jackson, of New York City, and William H. White, Jr., of Washington, D. C., for executors.

Before MANTON, L. HAND, and AUGUSTUS N. HAND, Circuit Judges.


L. HAND, Circuit Judge.

The decedent, Dustin, was the wife of one Archbold, who died, bequeathing to her certain personal property, on which his executors paid the estate tax, and among which were shares of stock, on which after his death the companies declared "rights"; that is to say, they allowed shareholders to subscribe for new shares upon the payment of less than their market value. Archbold's executors, in the case of some of these shares, paid the subscriptions...

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