BANCKER v. COMMISSIONER OF INTERNAL REVENUE

No. 7624.

76 F.2d 1 (1935)

BANCKER v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied April 20, 1935.


Attorney(s) appearing for the Case

Allen W. Clapp and Hal Lindsay, both of Atlanta, Ga., for petitioner.

Frank J. Wideman, Asst. Atty. Gen., Thomas A. Carpenter, Sewall Key, and Norman D. Keller, Sp. Assts. to Atty. Gen., and Robert H. Jackson, Asst. Gen. Counsel, Bureau of Internal Revenue, and John D. Kiley, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before BRYAN, FOSTER, and SIBLEY, Circuit Judges.


SIBLEY, Circuit Judge.

Evert A. Bancker in the year 1930 owned 1,600 shares of common stock of the Coca-Cola Company, and 1,286 shares of its "Class A" preferred stock, which he exchanged with another individual for 800 shares of common stock and 643 shares of "Class A" preferred stock in Coca-Cola International Corporation. The market value of the shares he acquired being much greater than the amount he had originally invested, the

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