COMMISSIONER OF INTERNAL REVENUE v. BOLENDER

No. 5630.

82 F.2d 591 (1936)

COMMISSIONER OF INTERNAL REVENUE v. BOLENDER.

Circuit Court of Appeals, Seventh Circuit.

March 25, 1936.


Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., Sewall Key, J. Louis Monarch, and Harry Marselli, Sp. Assts. to Atty. Gen., and Joseph M. Jones, of Washington, D. C., for petitioner.

Frank C. Olive and Forman D. McCurdy, both of Indianapolis, Ind., for respondent.

Before ALSCHULER and SPARKS, Circuit Judges, and LINDLEY, District Judge.


LINDLEY, District Judge.

Only one question is raised by this petition for review of a decision of the United States Board of Tax Appeals to the effect that in determining taxable gain arising from the sale of shares of stock of the Vogt Manufacturing Corporation, acquired through a nontaxable reorganization, the "first in, first out" rule does not apply, but that rather the average cost of the shares is the proper basis for computation of the resulting gain.

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