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BUCKLEY v. COMMISSIONER OF INTERNAL REVENUE

No. 2.

66 F.2d 394 (1933)

BUCKLEY, Chamberlain, v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

July 17, 1933.

Attorney(s) appearing for the Case

Robert H. Montgomery, of New York City (Thomas G. Haight, of Jersey City, N. J., Roswell Magill and James O. Wynn, both of New York City, and George G. Tennant, Jr., of Jersey City, N. J. of counsel), for petitioner.

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

Before MANTON, SWAN, and CHASE, Circuit Judges.

CHASE, Circuit Judge (after stating the facts as above).

The petitioner claims that what has been called income and taxed is only a restoration of the principal of the award which would have been received by the remainderman had there been no election by the life tenant to take a lump sum in lieu of income. No doubt this is the theory designed to be worked out by the operation of the law under which the payment was made to the life tenant and the remainder invested...

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