COMMONWEALTH IMPROVEMENT CO. v. COM'R OF INT. REV.

No. 4639.

57 F.2d 47 (1932)

COMMONWEALTH IMPROVEMENT CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

March 17, 1932.


Attorney(s) appearing for the Case

Ellis A. Ballard, William R. Spofford, and Schofield Andrews, all of Philadelphia, Pa., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Morton K. Rothschild and Sewall Key, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and James K. Polk, Jr., and Harold F. Noneman, Sp. Attys., Bureau of Internal Revenue, all of Washington, D. C., of counsel), for appellee.

Before WOOLLEY and DAVIS, Circuit Judges, and JOHNSON, District Judge.


DAVIS, Circuit Judge.

This petition for review concerns income and excess profits taxes for the year 1920. The extraordinary situation here arises out of the relation of the taxpayer to the estate of P.A.B. Widener.

In 1912, Mr. Widener, desiring to place a lien on his fortune to insure an endowment to the Widener Memorial School for Crippled Children, which was his favored charity, transferred all of his stocks and...

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