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JOHNSON v. COMMISSIONER OF INTERNAL REVENUE

No. 4421.

52 F.2d 726 (1931)

JOHNSON v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

September 24, 1931.

Attorney(s) appearing for the Case

Garey, Crowley & Beatty, of New York City (Edward K. Kennedy and Earl J. Garey, both of New York City, of counsel), for petitioner.

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

Before BUFFINGTON and WOOLLEY, Circuit Judges, and THOMPSON, District Judge (now Circuit Judge).

BUFFINGTON, Circuit Judge.

In 1921 the father of petitioner and appellant presented to him two thousand shares of the common stock of the Allied Chemical & Dye Company, and on January 15, 1921, the said shares were duly transferred to the son's name. At that time the value of the stock was $104,625. During that year the son sold fifteen hundred shares of said stock for $106,220. In determining the son's taxable income, the Board of Tax Appeals held that the stock...

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