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COMMISSIONER OF INTERNAL REVENUE v. ROSENBLOOM FINANCE CORPORATION

No. 5094.

66 F.2d 556 (1933)

COMMISSIONER OF INTERNAL REVENUE v. ROSENBLOOM FINANCE CORPORATION.

Circuit Court of Appeals, Third Circuit.

August 17, 1933.

Attorney(s) appearing for the Case

Helen R. Carloss, Sewall Key and J. Louis Monarch, all of Washington, D. C. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and John D. Foley, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for petitioner.

Wm. W. Spalding, of Washington, D. C. (Mason, Spalding & McAtee, of Washington, D. C., of counsel), for respondent.

Before BUFFINGTON, DAVIS, and THOMPSON, Circuit Judges.

BUFFINGTON, Circuit Judge.

The underlying question in this tax case is whether whisky warehouse certificates owned by the Rosenbloom Finance Corporation, the taxpayer, were acquired by gift from its majority shareholder, Sol Rosenbloom. If acquired by gift, their value for ascertaining profit was their cost to the donor, $51,538.26. If not so acquired, their cost to the taxpayer was $269,494.97. The Board of Tax Appeals held the transaction was not a gift, and the...

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