MERHENGOOD CORPORATION v. HELVERING

No. 6764.

89 F.2d 972 (1937)

MERHENGOOD CORPORATION (DEL.) v. HELVERING, Commissioner of Internal Revenue.

United States Court of Appeals for the District of Columbia.

Decided March 15, 1937.

Rehearing Denied April 19, 1937.


Attorney(s) appearing for the Case

Paul E. Shorb and M. P. Wormhoudt, both of Washington, D. C., for petitioner.

Robert H. Jackson, Asst. Atty. Gen., and Sewall Key, Morton K. Rothschild, Robert L. Williams, and Herman Oliphant, all of Washington, D. C., for respondent.

Before MARTIN, Chief Justice, and ROBB, GRONER, and STEPHENS, Associate Justices.


GRONER, J.

Petition to review a decision of the Board of Tax Appeals.

Prior to December 31, 1924, Henry Lockhart, Jr., had been interested in the investment banking field and had successfully organized, financed, and developed several corporations. Late in 1924 Blair & Co., Inc., a large banking and investment corporation located in New York City, offered Lockhart an executive position in its organization at a salary of $25,000 annually and as an inducement...

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