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FRISCHKORN DEVELOPMENT COMPANY v. COMMISSIONER OF INTERNAL REVENUE

No. 7139.

88 F.2d 1009 (1937)

FRISCHKORN DEVELOPMENT COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

Circuit Court of Appeals, Sixth Circuit.

March 11, 1937.

Attorney(s) appearing for the Case

Wm. A. Rhodes, of Detroit, Mich., for petitioner.

Frank J. Wideman, Asst. Atty. Gen., for respondent.

Before MOORMAN, HICKS, and ALLEN, Circuit Judges.

ALLEN, Circuit Judge.

The court being of opinion that it is a question of fact whether the promissory note and the shares of stock received by the Frischkorn Homes Company as consideration for the transfer of all of its assets to the petitioner had a readily realizable market value within the meaning of section 202 (c) of the Revenue Act of 1921, 42 Stat. 229; and it appearing that it is a question of fact whether the taxpayer has expended all of the money received...

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