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COMMISSIONER OF INTERNAL REVENUE v. McCLOSKEY

No. 7448.

76 F.2d 373 (1935)

COMMISSIONER OF INTERNAL REVENUE v. McCLOSKEY. SAME v. VINCENT.

Circuit Court of Appeals, Fifth Circuit.

March 25, 1935.

Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., Louise Foster and Sewall Key, Sp. Assts. to Atty. Gen., and Robert H. Jackson, Asst. Gen. Counsel, Bureau of Internal Revenue, and Thos. F. Callahan, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for petitioner.

Percy S. Benedict, of New Orleans, La., for respondents.

Before BRYAN, FOSTER, and SIBLEY, Circuit Judges.

BRYAN, Circuit Judge.

This is a petition by the Commissioner of Internal Revenue to review a decision of the Board of Tax Appeals disallowing a deficiency assessment based upon the Commissioner's determination that the respondents had realized taxable gains in the acquisition of certain shares of corporate stock. The respondent taxpayers are stockholders of the D. H. Holmes Company. The theory of the Commissioner is that in 1923 the Holmes Company became the owner...

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