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COMMISSIONER OF INTERNAL REVENUE v. CUMMINGS

No. 7651.

77 F.2d 670 (1935)

COMMISSIONER OF INTERNAL REVENUE v. CUMMINGS.

Circuit Court of Appeals, Fifth Circuit.

May 16, 1935.

Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., Lucius A. Buck and Sewall Key, Sp. Assts. to Atty. Gen., and Robert H. Jackson, Asst. Gen. Counsel, Bureau of Internal Revenue, and W. E. Davis, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for petitioner.

A. Loeb Salkin, of New York City, for respondent.

Before BRYAN, FOSTER, and HUTCHESON, Circuit Judges.

HUTCHESON, Circuit Judge.

This petition to review a Board of Tax Appeals' decision questions the finding of the Board that gains from 1,202 of the 2,300 shares of common stock of Commonwealth & Southern Corporation the taxpayer sold in 1929 were capital assets, and the gains from their sale, capital gains.1 These shares, and the 601 shares of Southeastern Power & Light Company which had been surrendered for them in what the parties...

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