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INSULL v. COMMISSIONER OF INTERNAL REVENUE

Nos. 5846-5848.

87 F.2d 648 (1937)

INSULL v. COMMISSIONER OF INTERNAL REVENUE (three cases).

Circuit Court of Appeals, Seventh Circuit.

January 19, 1937.

Attorney(s) appearing for the Case

Elden McFarland, of Washington, D. C., and E. J. Quinn, J. F. Riordan, and Floyd E. Thompson, all of Chicago, Ill., for petitioners.

Robert H. Jackson, Asst. Atty. Gen., Sewall Key and Maurice J. Mahoney, Sp. Assts. to the Atty. Gen., for respondent.

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

SPARKS, Circuit Judge.

There is but one question presented by these petitions for review of decisions of the Board of Tax Appeals. It is whether any part of the profit from the sale, in the year 1930, of common stock of the Insull Utility Investments, Inc., acquired through the exercise of stock rights granted to the holders of the corporate preferred stock, first series, is taxable as capital gain, or whether all the profit...

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