GARDNER-DENVER CO. v. COMMISSIONER OF INTERNAL REV.

No. 5203.

75 F.2d 38 (1935)

GARDNER-DENVER CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

February 5, 1935.


Attorney(s) appearing for the Case

Robert Ash, of Washington, D. C. (Hopkins, Sutter, Halls & De Wolfe, of Chicago, Ill., of counsel), for petitioner.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Morton K. Rothschild, Sp. Assts. to Atty. Gen., for respondent.

Before ALSCHULER, EVANS, and FITZHENRY, Circuit Judges.


ALSCHULER, Circuit Judge.

Petitioner challenges the order of the Board of Tax Appeals determining its income tax for the taxable year 1928.

In 1923, and in some of the subsequent years, two corporations to which petitioner subsequently succeeded, and whose obligations it assumed, submitted to certain of their employees propositions to sell to them shares of stock in the corporations at specified prices, which were then approximately their market value. There...

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