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FIDELITY-PHILADELPHIA TRUST CO. v. COMMISSIONER OF INT. REV.

No. 4429.

47 F.2d 36 (1931)

FIDELITY-PHILADELPHIA TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Rehearing Denied March 5, 1931.

Attorney(s) appearing for the Case

Robert T. McCracken and C. Russell Phillips, both of Philadelphia, Pa., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Norman D. Keller and Morton Poe Fisher, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and De Witt M. Evans, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.

WOOLLEY, Circuit Judge.

Jacob K. Smith, who died in 1884, devised his real estate to a trustee to be held and, when occasion should arise, to be sold and the proceeds held under the trusts and distributed upon the happening of a future event.

In 1923 the trustee, petitioner in this case, sold several tracts of improved real estate, the buildings on which had an agreed value of $214,500.00 as of March 1, 1913. In its income tax returns through the years the...

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