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COMMISSIONER OF INTERNAL REVENUE v. WALDEN KNIFE CO.

No. 79.

54 F.2d 627 (1931)

COMMISSIONER OF INTERNAL REVENUE v. WALDEN KNIFE CO.

Circuit Court of Appeals, Second Circuit.

December 7, 1931.

Attorney(s) appearing for the Case

G. A. Youngquist, Asst. Atty. Gen., J. Louis Monarch and Morton K. Rothschild, Sp. Asst. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, of Washington, D. C., for petitioner.

Frank S. Bright, H. Stanley Hinrichs, and Bright, Thompson, Hinrichs & Warren, all of Washington, D. C., for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.

PER CURIAM.

The corporations with which the taxpayer claims to have been successively affiliated (for convenience referred to as Simmons) owned 70 per cent. of the taxpayer's capital stock and held options to purchase the remaining 30 per cent. comprising one hundred shares owned by Andrews and five hundred shares owned by Whitehead. Andrews' option gave Simmons the right to purchase his shares at a stipulated price at any time upon demand.

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