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HELVERING v. TEX-PENN CO.,

No. 207.

300 U.S. 481 (1937)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. TEX-PENN OIL CO.

Supreme Court of United States.

Reargued February 1, 2, 1937.

Decided March 29, 1937.

Attorney(s) appearing for the Case

Mr. Thurman Arnold, with whom Solicitor General Reed, Assistant Attorney General Jackson, Assistant Attorney General Morris, and Messrs. Sewall Key and A.F. Prescott were on the brief, for petitioner.

Mr. John W. Davis, with whom Messrs. Montgomery B. Angell, Weston Vernon, Jr., J.C. Adams, Harry Friedmaan John S. Weller, John O. Wicks, and David D. Johnson were on the brief, for respondents.

MR. JUSTICE BUTLER delivered the opinion of the Court.

In each of these cases there is involved an item claimed by petitioner to be taxable income of respondent for 1919. In 1925 the commissioner gave notice of deficiencies. These claims were based on a transaction in 1919 which included transfer by Tax-Penn Oil Company of all its assets to Transcontinental Oil Company, the issue and delivery by the latter of 1,007,834 shares to Benedum and Parriott, the stockholders...

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