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NEWMAN v. COMMISSIONER OF INTERNAL REVENUE

No. 128.

41 F.2d 743 (1930)

NEWMAN v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Tenth Circuit.

June 11, 1930.

Attorney(s) appearing for the Case

Chas. H. Garnett, of Oklahoma City, Okl., for petitioner.

J. Louis Monarch, Sp. Asst. to the Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, Sp. Asst. to the Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Percy S. Crewe, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for respondent.

Before COTTERAL, PHILLIPS, and McDERMOTT, Circuit Judges.

PHILLIPS, Circuit Judge.

The petitioner earnestly contends that he did not receive stock which had a "fair market value" for the reason that he could not sell such stock to any one in 1920 without violating his contract with King and Wood. There is a heavy burden on the taxpayer "of proving that the Commissioner's action was plainly arbitrary." Lucas v. Kansas City Structural Steel Co. (April 14, 1930) 281 U.S. 264, 50 S.Ct. 263, 266...

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