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ALLYNE-ZERK CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 6983.

83 F.2d 525 (1936)

ALLYNE-ZERK CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Sixth Circuit.

April 16, 1936.

Attorney(s) appearing for the Case

J. T. Scott, of Cleveland, Ohio (John H. Watson, Jr., and M. B. & H. H. Johnson, all of Cleveland, Ohio, on the brief), for petitioner.

Harry Marselli, of Washington, D. C. (Frank J. Wideman, Sewall Key, and L. W. Post, all of Washington, D. C., on the brief), for respondent.

Before MOORMAN, HICKS, and ALLEN, Circuit Judges.

ALLEN, Circuit Judge.

The Board of Tax Appeals sustained a determination of income tax deficiency for the year 1924 in the sum of $26,846.46.

The question is whether the value of its own stock, received by a corporation as partial consideration in a sale of its assets, which stock is cancelled upon its receipt, is to be regarded as gross income for the purpose of determining taxable net income.

The material facts are stipulated. On December 29, 1924...

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