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COMMISSIONER OF INTERNAL REVENUE v. NEW YORK TRUST CO.

No. 64.

54 F.2d 463 (1931)

COMMISSIONER OF INTERNAL REVENUE v. NEW YORK TRUST CO. et al.

Circuit Court of Appeals, Second Circuit.

December 7, 1931.

Attorney(s) appearing for the Case

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Stanley Suydam, Gen. Counsel, Bureau of Internal Revenue, both of Washington, D. C., of counsel), for petitioner.

White & Case, of New York City (J. Du Pratt White, Russell D. Morrill, Henry Mannix, and A. C. Newlin, all of New York City, of counsel), for respondent.

Before MANTON, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

MANTON, Circuit Judge.

The New York Trust Company became trustee for Conrad Henry Matthiessen, who, by irrevocable indenture dated December 24, 1921, conveyed to it 6,000 shares of common stock of the Corn Products Refining Company, which cost him, on April 27, 1906, $141,375. At the date of transfer, the stock was valued at $557,500. During the year 1922, the trustee sold the 6,000 shares for $603,385. On March 15, 1923, the trustee filed an income tax return for...

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