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COMMISSIONER OF INTERNAL REVENUE v. FARREN

Nos. 1265, 1266.

82 F.2d 141 (1936)

COMMISSIONER OF INTERNAL REVENUE v. FARREN. SAME v. McCRARY.

Circuit Court of Appeals, Tenth Circuit.

Rehearing Denied March 9, 1936.

Attorney(s) appearing for the Case

S. E. Blackham, Sp. Asst. to Atty. Gen. (Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Ellis N. Slack, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

J. H. Maxey, of Tulsa, Okl. (N. A. Gibson and Wilbur J. Holleman, both of Tulsa, Okl., and Chas. H. Garnett, of Oklahoma City, Okl., on the brief), for respondents.

Before LEWIS, McDERMOTT, and BRATTON, Circuit Judges.

McDERMOTT, Circuit Judge.

In 1918 the taxpayers each received 10,000 shares of stock in the Guffey-Gillespie Oil Company, of an actual value of $9.42 per share, as compensation for services rendered. Although taxable as income for that year1 no return thereof was made because the taxpayers honestly believed that no return was necessary until the stock was sold. In 1926 Farren sold his shares for $100,770.81, and McCrary sold 9000 shares...

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