CROCKER v. LUCAS

No. 5859.

37 F.2d 275 (1930)

CROCKER v. LUCAS, Commissioner of Internal Revenue.

Circuit Court of Appeals, Ninth Circuit.

January 13, 1930.


Attorney(s) appearing for the Case

Morrison, Hohfeld, Foerster, Shuman & Clark, Herbert W. Clark, and Leon De Fremery, all of San Francisco, Cal., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key, Morton Fisher, and Harvey Gamble, Sp. Assts. to the Atty. Gen. (C. M. Charest, Gen. Counsel, and Frank M. Thompson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before RUDKIN, DIETRICH, and WILBUR, Circuit Judges.


RUDKIN, Circuit Judge.

Between the years 1899 and 1902, the petitioner acquired all of the capital stock of the Modelo Oil Company, a California corporation, and loaned money to the corporation, taking notes therefor. Some time prior to March 1, 1913, the loans thus made reached an aggregate of $147,681.59. In 1921 the corporation sold all of its assets for the sum of $75,000, and the amount thus realized was paid to the petitioner, leaving an unpaid balance due on...

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