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GANN v. COMMISSIONER OF INTERNAL REVENUE

Nos. 4687-4689.

61 F.2d 201 (1932)

GANN v. COMMISSIONER OF INTERNAL REVENUE (two cases). SAGER v. SAME.

Circuit Court of Appeals, Seventh Circuit.

Rehearing Denied October 27, 1932.

Attorney(s) appearing for the Case

Frederick Secord and Morris Townley, both of Chicago, Ill., for petitioners.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Hayner N. Larson, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Arthur Clark, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), and Dwight H. Green, of Chicago, Ill., for respondent.

Before EVANS and SPARKS, Circuit Judges, and LINDLEY, District Judge.

SPARKS, Circuit Judge.

The issue presented for our consideration is one of law. The question, concretely stated, is whether the gain of $233,827.54 in 1923, in addition to the $200,000 cash received as a result of the reorganization, may now be treated as taxable gain for 1925 and 1926 as a result of the liquidation.

The answer to this query involves two questions of law: (1) Whether, under section 202 (e) of the Revenue Act of 1921, as amended by the Act...

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