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SANDERSON v. COMMISSIONER OF INTERNAL REVENUE

No. 364.

42 F.2d 160 (1930)

SANDERSON et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

June 2, 1930.

Attorney(s) appearing for the Case

Everett Masten and Henry C. Field, both of New York City (Everett Masten, of New York City, of counsel), for petitioners.

G. A. Youngquist, Asst. Atty. Gen., Sewall Key and Harvey R. Gamble, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and John McC. Hudson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

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

AUGUSTUS N. HAND, Circuit Judge.

The question here is whether a sale of the good will of the firm of Sanderson & Son, in 1921, for the sum of $125,000, involved any profit over its value March 1, 1913, so as to subject Lloyd B. Sanderson, one of the partners, to an income tax thereon. The Commissioner found that the good will had no value in 1913 and that the entire sum of $125,000 represented profit.

The business of Sanderson & Son was that of steamship...

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