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OLD COLONY TRUST CO. v. COMMISSIONER OF INT. REVENUE

No. 2871.

69 F.2d 699 (1934)

OLD COLONY TRUST CO. OF BOSTON v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, First Circuit.

As Modified on Denial of Rehearing April 6, 1934.

Attorney(s) appearing for the Case

A. P. Lowell (of Burnham, Bingham, Pillsbury, Dana & Gould), of Boston, Mass., for petitioner.

D. Louis Bergeron, Sp. Asst. to Atty. Gen. (Sewall Key and J. Louis Monarch, Sp. Assts. to Atty. Gen., on the brief), for Commissioner.

Before WILSON and MORTON, Circuit Judges, and LETTS, District Judge.

WILSON, Circuit Judge.

This is an appeal from a decision of the Board of Tax Appeals involving an individual income tax for the year 1928. The issue is whether a sale of stocks in November, 1928, was a sale of capital assets, or a sale of stocks resulting in taxable net income.

The facts out of which the issue arose are as follows:

In 1926 one Joseph P. Kennedy made arrangements to purchase 40,000 shares of class A common stock and 8,000 shares of...

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