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SECURITIES CO. v. COMMISSIONER OF INTERNAL REVENUE

Nos. 290, 291.

64 F.2d 330 (1933)

SECURITIES CO. v. COMMISSIONER OF INTERNAL REVENUE. CLINCHFIELD SECURITIES CO. v. SAME.

Circuit Court of Appeals, Second Circuit.

April 10, 1933.

Attorney(s) appearing for the Case

Winthrop H. Kellogg, of New York City, for petitioners.

G. A. Youngquist, Asst. Atty. Gen., Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Frank M. Thompson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before MANTON, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

The government's claim to additional income taxes found to be due, is based on a sale by the Securities Company in 1924 of 3,000 shares of stock of the Missouri Pacific Railroad Company. Clinchfield Securities Company is assessed a part of the additional tax because, being a wholly owned subsidiary of the Securities Company, the two companies filed a consolidated return for 1924. If any additional tax is due, there is no objection...

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