OSBURN CALIFORNIA CORPORATION v. WELCH

No. 5963.

39 F.2d 41 (1930)

OSBURN CALIFORNIA CORPORATION v. WELCH, Collector of Internal Revenue.

Circuit Court of Appeals, Ninth Circuit.

March 24, 1930.


Attorney(s) appearing for the Case

Claude I. Parker and Ralph W. Smith, both of Los Angeles, Cal., for appellant.

Samuel W. McNabb, U. S. Atty., and Harry Graham Balter, Asst. U. S. Atty., both of Los Angeles, Cal. (C. M. Charest, General Counsel, Bureau of Internal Revenue, of Washington, D. C., and Alva C. Baird, Sp. Atty., Bureau of Internal Revenue, of Los Angeles, Cal., of counsel), for appellee.

Before RUDKIN, DIETRICH, and WILBUR, Circuit Judges.


RUDKIN, Circuit Judge.

In December, 1923, M. R. Osburn was the owner of 999 shares of the capital stock of the Dominguez Land Corporation, of the value of $199,700. On December 10 of that year the Osburn California Corporation was organized under the laws of the state of California, with an authorized capital of $200,000, divided into 2,000 shares of the par value of $100 each. Upon the formation of the last-mentioned corporation it acquired and took over from Osburn...

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