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SMITH v. COMMISSIONER OF INTERNAL REVENUE

No. 4717.

59 F.2d 533 (1932)

SMITH v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

June 23, 1932.

Attorney(s) appearing for the Case

J. Murray Chenoweth and Earl B. Barnes, both of Indianapolis, Ind., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., Sewall Key and John G. Remey, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Frank M. Thompson, Jr., Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

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

SPARKS, Circuit Judge.

There are three questions presented by this appeal: (1) Was the alleged transfer of shares of stock to decedent's children on December 25, 1923, an absolute gift which took effect as of that date? (2) Did the Board err in deciding that the alleged transfer did not amount to an absolute gift, notwithstanding the fact that counsel at the trial had stipulated contrariwise? (3) Where a state inheritance law provides for a discount if taxes are paid...

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