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TEX-PENN OIL CO. v. COMMISSIONER OF INTERNAL REVENUE

Nos. 5979-5981.

83 F.2d 518 (1936)

TEX-PENN OIL CO. v. COMMISSIONER OF INTERNAL REVENUE. BENEDUM v. SAME. PARRIOTT v. SAME.

Circuit Court of Appeals, Third Circuit.

April 17, 1936.

Attorney(s) appearing for the Case

John W. Davis and Montgomery B. Angell, both of New York City, Weston Vernon, Jr., of Washington, D. C., J. C. Adams, of Tulsa, Okl., and Harry Friedman, of Washington, D. C., for all petitioners.

John S. Weller and John O. Wicks, both of Pittsburgh, Pa., for petitioner Benedum.

Frank J. Wideman, Asst. Atty. Gen., and J. Louis Monarch and A. F. Prescott, Sp. Assts. to Atty. Gen., for respondent.

Before BUFFINGTON, DAVIS, and THOMPSON, Circuit Judges.

DAVIS, Circuit Judge.

The three above-entitled causes, involving substantially the same questions, were heard together by the United States Board of Tax Appeals and were disposed of in a single opinion.

The issues raised relate to the taxability of a certain stock transaction as hereinafter stated.

In 1917 five persons, M. L. Benedum, F. B. Parriott, J. L. Kirkland, W. E. Wrather, and H. B. Lantz, hereinafter called the lessees, acquired thirty-one...

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