FAIRLESS v. COMMISSIONER OF INTERNAL REVENUE

Nos. 6314-6319.

67 F.2d 475 (1933)

FAIRLESS v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Sixth Circuit.

November 8, 1933.


Attorney(s) appearing for the Case

Albert B. Arbaugh, of Canton, Ohio (Homer E. Black, and Black, McCuskey, Ruff & Souers, all of Canton, Ohio, on the brief), for petitioners.

A. D. Sharpe, of Washington, D. C. (Sewall Key, Helen R. Carloss, C. M. Charest, and L. M. Berrien, all of Washington, D. C., on the brief), for respondent.

Before MOORMAN, HICKS, and SIMONS, Circuit Judges.


SIMONS, Circuit Judge.

The petitioners in the six cases, grouped under the above style, were all stockholders in the Union Finance Company, an Ohio corporation, which by corporate action taken in October, 1922, transferred all of its assets to the Metropolitan Securities Company on January 4, 1923. The transferor in exchange received a certificate for 5,886 shares of the preferred stock of the purchasing company, and shortly thereafter distributed the stock through...

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