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COMMISSIONER OF INTERNAL REVENUE v. MAYER

No. 5755.

86 F.2d 593 (1936)

COMMISSIONER OF INTERNAL REVENUE v. MAYER.

Circuit Court of Appeals, Seventh Circuit.

November 30, 1936.

Attorney(s) appearing for the Case

Robert H. Jackson, Asst. Atty. Gen., and Sewall Key, Norman D. Keller, and Ellis N. Slack, Sp. Assts. to the Atty. Gen., for petitioner.

L. A. Luce, of Washington, D. C., for respondent.

Before EVANS, Circuit Judge, and LINDLEY and BRIGGLE, District Judges.

EVANS, Circuit Judge.

The Internal Revenue Commissioner determined that respondent was liable for a deficiency income tax for the year 1929 based upon the fair market value of rights (warrants) issued to him in 1929 as a stockholder of corporation A. The warrants gave him the right to subscribe for stock in corporations B and C, which stock was owned by A, at prices below the existing market price. Respondent exercised his rights in 1929. The stock thus acquired by...

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