FRENCH DRY CLEANING CO. v. COMMISSIONER OF INT. REV.

No. 7290.

72 F.2d 167 (1934)

FRENCH DRY CLEANING CO. v. COMMISSIONER OF INT. REV.

Circuit Court of Appeals, Fifth Circuit.

July 17, 1934.


Attorney(s) appearing for the Case

Herbert J. Haas, Bertram S. Boley, and Joseph F. Haas, all of Atlanta, Ga., for petitioner.

Lucius A. Buck and Sewall Key, Sp. Assts. to Atty. Gen., Frank J. Wideman, Asst. Atty. Gen., and E. Barrett Prettyman, Gen. Counsel, Bureau of Internal Revenue, and W. Frank Gibbs, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before BRYAN, FOSTER, and SIBLEY, Circuit Judges.


FOSTER, Circuit Judge.

On January 16, 1928, petitioner transferred substantially all its assets to Atlanta Laundries, Inc., a Delaware corporation, organized for the purpose of consolidating and acquiring the business and assets of petitioner and ten other laundries and dry cleaning establishments operating in Atlanta, Ga. Petitioner received $305,331.18 cash, 3,025 shares of preferred stock, and 7,652½ shares of common stock of the new corporation, both having...

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