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SOUTHERN POWER & MFG. CO. v. COMMISSIONER OF INT. REV.

No. 7909.

82 F.2d 104 (1936)

SOUTHERN POWER & MANUFACTURING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied April 3, 1936.

Attorney(s) appearing for the Case

John J. Finnorn, of New Orleans, La., for petitioner.

Helen R. Carloss, Sewall Key, and Berryman Green, Sp. Assts. to Atty. Gen., Frank J. Wideman, Asst. Atty. Gen., and Robert H. Jackson, Asst. Gen. Counsel, Bureau of Internal Revenue, and De Witt M. Evans, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before FOSTER, SIBLEY, and HUTCHESON, Circuit Judges.

SIBLEY, Circuit Judge.

In 1928 the taxpayer, Southern Power & Manufacturing Company sold its plant, and an income tax was assessed by the Commissioner on a profit from the sale upon a no cost basis. The Board of Tax Appeals upheld the assessment. The plant was acquired by the taxpayer upon its organization as a corporation on April 7, 1923, in exchange for 700 shares of its capital stock issued 300 shares to J. E. Pottharst, 300 shares to J. George Jones, and...

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