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WEIL v. COMMISSIONER OF INTERNAL REVENUE

No. 7776.

82 F.2d 561 (1936)

WEIL v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied April 4, 1936.

Attorney(s) appearing for the Case

Richard T. Rives, of Montgomery, Ala., and Paul F. Myers and John R. Yates, both of Washington, D. C., for petitioner.

Helen R. Carloss, Sewall Key, and Ellis N. Slack, Sp. Assts. to the Atty. Gen., Frank J. Wideman, Asst. Atty. Gen., and Robert H. Jackson, Asst. Gen. Counsel, Bureau of Internal Revenue, and Harry F. Morton, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before FOSTER, SIBLEY, and HUTCHESON, Circuit Judges.

SIBLEY, Circuit Judge.

Twelve hundred shares of common stock of the Coca-Cola Company previously belonging to the taxpayer, Adolph Weil, were sold during October and November, 1930, at a large profit above their cost, and the proceeds were put to the credit of his four children on the books of Weil Brothers, a firm of which the taxpayer is a member. He contends that he is not taxable upon this profit as his income, because before the sale he had given the stock to...

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