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WHITE & WELLS CO. v. COMMISSIONER OF INT. REV.

No. 414.

50 F.2d 120 (1931)

WHITE & WELLS CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

Decided June 1, 1931.

Attorney(s) appearing for the Case

Henry F. Parmelee, of New Haven, Conn. (Barry Mohun, of Washington, D. C., of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen. (Sewall Key and Andrew D. Sharpe, Sp. Assts. to Atty. Gen., C. M. Charest, General Counsel, Bureau of Internal Revenue, of Washington, D. C., and De Witt M. Evans, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., of counsel), for respondent.

Before MANTON, SWAN, and CHASE, Circuit Judges.

SWAN, Circuit Judge.

The sole point in dispute is the amount of profit realized by the petitioner in 1920 upon the sale of its Naugatuck paper box factory as a going concern; and this in turn depends upon the going concern value on March 1, 1913. The Board of Tax Appeals fixed such value at $31,441.60. The petitioner contends that so low a valuation cannot be sustained by the record, and asks us to find the value to be not...

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