HOLMBY CORPORATION v. COMMISSIONER OF INTERNAL REV.

No. 7969.

83 F.2d 548 (1936)

HOLMBY CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

April 27, 1936.


Attorney(s) appearing for the Case

Thomas R. Dempsey and A. Calder Mackay, both of Los Angeles, Cal., for petitioner.

Robert H. Jackson, Asst. Atty. Gen., and Sewall Key and Joseph M. Jones, both of Washington, D. C., for respondent.

Before WILBUR, MATHEWS, and HANEY, Circuit Judges.


MATHEWS, Circuit Judge.

This petition brings here for review a decision of the Board of Tax Appeals (28 B.T.A. 1092), redetermining petitioner's income tax liability for the year 1926. The facts are these:

Petitioner was the owner of 49,995 shares of the capital stock of the Broadway Department Store, a corporation, hereinafter called "Broadway." The cost basis of petitioner's Boardway stock was $7,269,195. Broadway...

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