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T. W. PHILLIPS, JR., INC. v. COMMISSIONER OF INT. REV.

No. 4872.

63 F.2d 101 (1933)

T. W. PHILLIPS, Jr., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

January 26, 1933.

Attorney(s) appearing for the Case

Bernhard Knollenberg, of New York City (Lord, Day & Lord, of New York City, of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Norman D. Keller, of Washington, D. C., and J. Louis Monarch, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and S. B. Anderson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.

WOOLLEY, Circuit Judge.

On February 9, 1925, T. W. Phillips, Jr., transferred to T. W. Phillips, Jr., Incorporated, about $1,000,000 worth of securities, at prices then current, in return for all of its shares of stock of equal value. Thus Phillips came into "control" of the corporation. No other consideration was involved, no gain was recognized in the transaction and no taxable profit or income was ever reported by Phillips. In 1925, 1926 and 1927 the corporation...

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