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PHELPS v. COMMISSIONER OF INTERNAL REVENUE

Nos. 4529-4531.

54 F.2d 289 (1931)

PHELPS v. COMMISSIONER OF INTERNAL REVENUE (two cases). NORTHERN TRUST CO. v. SAME.

Circuit Court of Appeals, Seventh Circuit.

December 4, 1931.

Attorney(s) appearing for the Case

Herbert Pope, Edwin J. Mosser, and Benjamin M. Price, all of Chicago, Ill., and E. Barrett Prettyman, of Washington, D. C., for petitioners.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key, A. H. Conner, and F. Edward Mitchell, Sp. Asst. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and James K. Polk, Jr., Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before ALSCHULER and SPARKS, Circuit Judges, and WOODWARD, District Judge.

SPARKS, Circuit Judge (after stating the facts as above).

There being no controversy over the facts, the sole question presented is whether the amounts received by petitioners should be considered, for the purposes of taxation, as dividends under section 201, Revenue Act of 1921, c. 136, 42 Stat. 227, 228, as claimed by respondent, or as gains derived from sales of property under section 202 of the same statute (42 Stat. 229), as claimed by petitioners. So much of...

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