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WARREN NAT. BANK v. COMMISSIONER OF INTERNAL REVENUE

No. 4763.

61 F.2d 325 (1932)

WARREN NAT. BANK v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

September 23, 1932.

Attorney(s) appearing for the Case

John E. McClure, of Washington, D. C. (Miller & Chevalier, of Washington, D. C., of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and L. W. Creason, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.

BUFFINGTON, Circuit Judge.

The all-decisive question in this tax case is whether the profit of the taxpayer in the sale of certain stocks was realized in 1923 or 1924. This question and the pertinent facts bearing thereon were thus summarized by the Board of Tax Appeals: "The respondent maintains that the sale of capital stock by the decedent to Walbridge & Company was made in 1924, that the initial payment was $262,000 or approximately one-third of the purchase...

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