COMMISSIONER OF INT. REV. v. MERCHANTS' & MFRS.' F. INS CO.

No. 5398.

72 F.2d 408 (1934)

COMMISSIONER OF INTERNAL REVENUE v. MERCHANTS' & MANUFACTURERS' FIRE INS. CO.

Circuit Court of Appeals, Third Circuit.

August 28, 1934.


Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and J. P. Jackson, Sp. Assts. to the Atty. Gen., for petitioner.

William H. Harding, of New York City, for respondent.

Before BUFFINGTON, DAVIS, and THOMPSON, Circuit Judges.


THOMPSON, Circuit Judge.

This is a petition for review of a decision of the Board of Tax Appeals. The taxpayer, a stock fire insurance company, bought at various times shares of stock of Corn Products Refining Company, Standard Oil Company of California, Brooklyn Union Gas Company, and American Can Company. The taxpayer deposited this stock with the American Trust Company. The purchases were made on a rising market, and therefore the stock first acquired cost less...

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