BIG LAKE OIL CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 6449.

95 F.2d 573 (1938)

BIG LAKE OIL CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Rehearing Denied April 19, 1938.


Attorney(s) appearing for the Case

Edgar J. Goodrich, of Washington, D. C., and S. Leo Ruslander, of Pittsburgh, Pa., for petitioner.

James W. Morris, Asst. Atty. Gen., and Sewall Key and L. W. Post, Sp. Assts. to Atty. Gen., for respondent.

Before BUFFINGTON, THOMPSON, and BIGGS, Circuit Judges.


THOMPSON, Circuit Judge.

This is a petition for review of a decision of the Board of Tax Appeals determining a deficiency in the petitioner's income tax for 1927. The issue is whether the amount of $598,571.01, the agreed fair market value of certain shares of common stock received by the petitioner, should be included in the petitioner's taxable income for 1927. The determination of this issue is dependent upon whether the shares were received by the petitioner in...

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