SECURITY-FIRST NAT. BANK OF LOS ANGELES v. WELCH

No. 8260.

92 F.2d 357 (1937)

SECURITY-FIRST NAT. BANK OF LOS ANGELES v. WELCH, Former Collector of Internal Revenue.

Circuit Court of Appeals, Ninth Circuit.

Rehearing Denied October 25, 1937.


Attorney(s) appearing for the Case

George Bouchard and Dana Latham, both of Los Angeles, Cal., for appellant.

Robert H. Jackson, Asst. Atty. Gen., J. Louis Monarch, Harry Marselli, and Clarence D. Dawson, Sp. Assts. to the Atty. Gen., and Peirson M. Hall, U. S. Atty., E. H. Mitchell, Sp. Asst. to the U. S. Atty., and Eugene Harpole, Sp. Atty., U. S. Treasury Dept., all of Los Angeles, Cal., for appellee.

Before GARRECHT and HANEY, Circuit Judges, and NETERER, District Judge.


NETERER, District Judge.

Reversal is sought of a judgment in favor of appellee, denying recovery of a tax claimed to have been erroneously paid on appellant's net income for the year 1924.

Appellant, as trustee, received distribution of the residuary estate of one Kleinmeyer, November 15, 1916, in which was included the lands, the basis of this controversy, and which will be referred to as leased land. The fair market value, on that date, of the leased land...

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