O'DONNELL v. COMMISSIONER OF INTERNAL REVENUE

No. 7002.

64 F.2d 634 (1933)

O'DONNELL v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

April 10, 1933.


Attorney(s) appearing for the Case

Thomas R. Dempsey and A. Calder Mackay, both of Los Angeles, Cal., for petitioner.

Sewall Key, John H. McEvers, and Wm. Cutler Thompson, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, and Alva C. Baird, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before WILBUR, SAWTELLE, and MACK, Circuit Judges.


WILBUR, Circuit Judge.

Petitioner seeks to review a decision of the Board of Tax Appeals fixing a deficiency tax of $39,731.98 upon petitioner's income for the year 1923. The principal question in the case is whether or not the royalty of $114,908.31, upon which the deficiency is based, is income or is a return of capital, and this in turn depends upon the value of one-third of the capital stock of the San Gabriel Petroleum Company, owned by the petitioner, and upon...

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