FIDELITY TITLE & TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 4311.

64 F.2d 52 (1933)

FIDELITY TITLE & TRUST CO. et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

March 14, 1933.


Attorney(s) appearing for the Case

H. F. Stambaugh, John M. Freeman, and Watson & Freeman, all of Pittsburgh, Pa., for petitioners.

Francis H. Horan and Sewall Key, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and John R. Gaskins, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before WOOLLEY, DAVIS, and THOMPSON, Circuit Judges.


THOMPSON, Circuit Judge.

This case is brought here upon petition for review of an order of redetermination entered by the Board of Tax Appeals.

The petitioners are the executors of D. Herbert Hostetter. Prior to March 1, 1913, Hostetter had acquired 560 bonds of the Consolidated Gas Company of Pittsburgh, having a par value of $1,000 each, at a cost of $577,524.42. In 1919 he exchanged these bonds for 10,360 shares of stock of the Philadelphia Company. On...

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