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COMMISSIONER OF INTERNAL REVENUE v. RIGGS

Nos. 5553-5556.

78 F.2d 1004 (1935)

COMMISSIONER OF INTERNAL REVENUE v. RIGGS, and three other cases.

Circuit Court of Appeals, Third Circuit.

July 18, 1935.

Attorney(s) appearing for the Case

Lucius A. Buck, Sp. Asst. to Atty. Gen., Frank J. Wideman, Asst. Atty. Gen., and James W. Morris, Sp. Asst. to Atty. Gen., for petitioner.

Warren W. Grimes and H. B. McCawley, both of Washington, D. C., for respondents.

Before BUFFINGTON, DAVIS, and THOMPSON, Circuit Judges.

DAVIS, Circuit Judge.

These four cases involve deficiencies in income taxes for 1927 and 1928. The taxpayers and several others owned all the common and preferred stock of Lamborn & Co., Incorporated, in 1927. Lamborn & Co. owned the stock of the Elanco Realty Corporation. On November 30, 1927, the stockholders of Lamborn & Co., including the taxpayers, sold and delivered 6,700 shares of their preferred stock at $59.42 per share to the Elanco Corporation...

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