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PENNSYLVANIA INDEMNITY CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 5608.

77 F.2d 92 (1935)

PENNSYLVANIA INDEMNITY CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

March 27, 1935.

Attorney(s) appearing for the Case

Francis Chapman, Henry S. Drinker, Jr., and Frederick E. S. Morrison, all of Philadelphia, Pa. (Chapman & Chapman and Drinker, Biddle & Reath, all of Philadelphia, Pa., of counsel), for petitioner.

Frank J. Wideman, Asst. Atty. Gen., and Arnold Raum and J. Louis Monarch, Sp. Assts. to the Atty. Gen., for respondent.

Before BUFFINGTON, DAVIS, and THOMPSON, Circuit Judges.

PER CURIAM.

The pertinent facts in this income tax case are as follows: The Pennsylvania Indemnity Company acquired in 1930 from its wholly owned subsidiaries certain securities having a then market value of $420,051, which it immediately sold through brokers for $420,732.25. For those securities the taxpayer paid $666,967.37 to its subsidiaries. The sole question is whether the taxpayer has a right to deduct $247,637.29 from its gross income, representing the difference...

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